Mortgage App Volume Ticks Higher Despite Higher Rates

Mortgage interest rates rose for the second straight week, and so did the volume of mortgage applications. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 3.3 percent on an adjusted basis from one week earlier and 4.0 percent before adjustment. The Refinance Index increased 0.5 percent from the previous week and was 11 percent higher than the same week one year ago. The refinance share of activity decreased to 32.1 percent from 33.3 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index was up 5 percent from one week earlier, and the unadjusted version was 6.0 percent higher. Purchasing activity was down 10 percent compared to the same week in 2023. [purchaseappschart] “Rates increased for the second consecutive week, driven by incoming data indicating that the economy remains strong and inflation is proving tougher to bring down. Mortgage rates increased across the board, with the 30-year fixed rate at 7.13 percent – reaching its highest level since December 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Despite these higher rates, application activity picked up, possibly as some borrowers decided to act in case rates continue to rise. Purchase applications drove most of the increase but remain at low levels of around 10 percent behind last year’s pace. Refinance applications increased very slightly, driven by a 3 percent gain in conventional applications.”

April 17, 2024 Download our Mobile App: Download our Mobile App: Housing News Mortgage App Volume Ticks Higher Despite Higher Rates Mortgage interest rates rose for the second straight week, and so did the volume of mortgage applications. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 3.3 percent on an adjusted basis fr... (read more) Mortgage Rate Watch Mortgage Rates Finally Win One Mortgage rates moved lower today after hitting the highest levels since mid November yesterday. Some lenders were down as much as an eighth of a percent, which is on the bigger side for a day-over-day change for conventional 30yr fixed rates.&n... (read more) MBS Commentary Token Bounce The bond market is getting off to a stronger start today despite an absence of any new motivations in the news or economic calendar. In fact, the calendar is essentially empty when it comes to market movers. While we could make a case for... (read more) Rob Chrisman Non-QM, Verification, Fraud Prevention, Buy Before You Sell Products; STRATMOR on Borrower Satisfaction “We base our business model on lots of things, but not on our ability to predict rates.” Remember when there used to be “a flight to quality” when there was world unrest, and investors put their money into dollar-denominated assets? Long gone. Even i... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.41% -0.09% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.41% -0.09 0.00 15 Yr. Fixed 6.83% -0.06 0.00 30 Yr. FHA 6.87% -0.08 0.00 30 Yr. Jumbo 7.60% -0.04 0.00 7/6 SOFR ARM 7.37% -0.03 0.00 30 Yr. VA 6.88% -0.09 0.00 Updates Daily - Last Update: 4/17 15 Yr. Fixed Rate 6.83% -0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.88% +0.06 0.00 15 Yr. Fixed 6.16% +0.10 0.00 Updates Weekly - Last Update: 4/11 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.01% +0.10 0.59 15 Yr. Fixed 6.46% +0.11 0.60 30 Yr. Jumbo 7.13% +0.07 0.56 Updates Weekly - Last Update: 4/10 MBS / Treasuries UMBS 30YR 6.0 99.61 +0.50 Price / Yield Change MBS UMBS 6.0 99.61 +0.50 UMBS 6.5 101.30 +0.38 GNMA 6.0 100.12 +0.52 GNMA 6.5 101.28 +0.39 Pricing as of: 4/17 5:31PM EST 10 Year US Treasury 4.5888 -0.0796 Price / Yield Change US Treasury 2 YR Treasury 4.933 -0.055 5 YR Treasury 4.617 -0.084 7 YR Treasury 4.607 -0.086 10 YR Treasury 4.589 -0.080 30 YR Treasury 4.703 -0.062 Pricing as of: 4/17 5:31PM EST Latest Video Why mortgage applications have jumped despite rising interest rates No reason for the Fed to cut if the economy is holding up at these higher r... Fed's only mistake would be easing too quickly: Atlas Merchant Capital CEO 'Not surprising' that Fed doesn't yet have confidence to cut rates, says BN... Around the Web CNBC Wall Street pushes out rate-cut expectations, sees risk they don't start until March 2025 Marketwatch Rents have finally stopped skyrocketing. Theyre now stuck at a price most Americans cant afford. Marketwatch Feds Powell says likely to take longer to meet conditions to cut interest rates Eye on Housing How Quickly Do Prices Respond to Monetary Policy? Marketwatch Rents have finally stopped skyrocketing. They're now stuck at a price most Americans can't afford. Eye on Housing Most Home Buyers Want One, Medium-Sized Home Office Reuters Confirmed euro zone inflation fall bolsters ECB's June rate cut plan CNBC Treasury yields dip as investors digest remarks from Fed officials Calculated Risk Blog Fed's Beige Book: "Economic activity expanded slightly" Marketwatch Fed Vice Chair Jefferson says interest rates could stay higher for longer if inflation persists Calculated Risk Blog Industrial Production Increased 0.4% in March Reuters Fed's Powell, Jefferson to square 'restrictive' policy with strong data CNBC IMF upgrades global growth forecast as economy proves 'surprisingly resilient' despite downside risks

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