Mortgage application activity bounced back from the holiday-shortened prior week but is still running significantly below historic levels. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 5.4 percent on a seasonally adjusted basis during the week ended September 15. On an unadjusted basis, the Index increased 16 percent compared with the week that started with Labor Day. The Refinance Index rose 13 percent week-over-week and was 29 percent lower than the same week in 2022. The refinance share of mortgage activity increased to 31.6 percent of total applications from 29.1 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index gained 2.0 percent compared to the prior week. The unadjusted Purchase Index increased 12 percent and was 26 percent lower than the same week one year ago. [purchaseappschart] “Mortgage applications increased last week, despite the 30-year fixed rate edging back up to 7.31 percent – its highest level in four weeks,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications increased for conventional and FHA loans over the week but remained 26 percent lower than the same week a year ago, as homebuyers continue to face higher rates and limited for-sale inventory , which have made purchase conditions more challenging. Refinance applications also increased last week but are still almost 30 percent lower than the same week last year.”
| Housing News | | Mortgage App Volume Rebounds from Holiday Doldrums | | Mortgage application activity bounced back from the holiday-shortened prior week but is still running significantly below historic levels. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, incr... (read more) |
|
| Mortgage Rate Watch | | Mortgage Rates Rise After Fed's Updated Rate Forecast | | The Fed did not hike its policy rate today, but it did release updated forecasts that showed the average Fed member expects rates to be half a percent higher at the end of 2024 and 2025 compared to their forecasts released in June. The market was ex... (read more) |
|
| MBS Commentary | | What Can The Fed Say That We Don't Already Know? | | Learning how to make a big deal out of every Fed day is a requirement for passing the market commentary test. But the often-overlooked extra credit can be earned in an elective: "How to be smugly dismissive about the potential impact of a Fed d... (read more) |
|
|
| 30 Yr. Fixed Rate | | 7.33% +0.03% |
|
| Rate | Change | Points |
|---|
| Mortgage News Daily | | 30 Yr. Fixed | 7.33% | +0.03 | 0.00 | | 15 Yr. Fixed | 6.65% | +0.01 | 0.00 | | 30 Yr. FHA | 6.78% | +0.03 | 0.00 | | 30 Yr. Jumbo | 7.37% | +0.02 | 0.00 | | 5/1 ARM | 7.09% | +0.01 | 0.00 | | 30 Yr. VA | 6.77% | +0.01 | 0.00 | | Updates Daily - Last Update: 9/20 |
|
|
| 15 Yr. Fixed Rate | | 6.65% +0.01% |
|
| Rate | Change | Points |
|---|
| Freddie Mac | | 30 Yr. Fixed | 7.18% | +0.06 | 0.00 | | 15 Yr. Fixed | 6.51% | -0.01 | 0.00 | | Updates Weekly - Last Update: 9/14 |
| Rate | Change | Points |
|---|
| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 7.16% | +0.07 | 0.68 | | 15 Yr. Fixed | 6.57% | +0.06 | 0.94 | | 30 Yr. Jumbo | 7.11% | +0.07 | 0.55 | | Updates Weekly - Last Update: 8/16 |
|
|
|
| Price / Yield | Change |
|---|
| MBS | | UMBS 6.0 | 99.19 | -0.42 | | GNMA 6.0 | 99.45 | -0.31 | | Pricing as of: 9/20 5:31PM EST |
|
|
| 10 Year US Treasury | | 4.3990 +0.0360 |
|
| Price / Yield | Change |
|---|
| US Treasury | | 2 YR Treasury | 5.167 | +0.075 | | 5 YR Treasury | 4.569 | +0.054 | | 7 YR Treasury | 4.511 | +0.048 | | 10 YR Treasury | 4.399 | +0.036 | | 30 YR Treasury | 4.440 | +0.011 | | Pricing as of: 9/20 5:31PM EST |
|
|
|
|
|
