The volume of mortgage applications increased last week for both home purchases and refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 6.3 percent on a seasonally adjusted basis and was 7 percent higher on an unadjusted basis compared with the previous week. The Refinance Index increased rose by 10 percent but remains 44 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 28.0 percent of total applications from 27.2 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index was up 5 percent. Before adjustment that index was 5.3 percent higher for the week, lagging its level a year earlier by 32 percent. [purchaseappschart] Joel Kan, MBA’s Vice President and Deputy Chief Economist said, “Mortgage applications responded positively to a drop in rates last week, as the Fed signaled a potential pause at the current level for the federal funds rate in anticipation of inflation slowing and tightening financial conditions that will slow economic and job growth. Mortgage rates for all surveyed loan types decreased over the week with the 30-year fixed rate at 6.48 percent. “Purchase applications increased 5 percent last week but were still more than 30 percent below last year’s level. Lower rates from week to week have helped buyers in the market,” Kan said, “but limited for-sale inventory remains a challenge for many homebuyers. Refinance activity jumped 10 percent to its highest levels since September 2022, although there is only a small pool of borrowers who can benefit from refinancing with rates at these levels.”
| Housing News | | Mortgage Application Volume Boosted by Fed Comments | | The volume of mortgage applications increased last week for both home purchases and refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 6.3 percent on a seasonally adjusted basis a... (read more) |
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| Mortgage Rate Watch | | Mortgage Rates Fall After Inflation Data | | Today marked the release of the most recent monthly installment of the Consumer Price Index (CPI)--the most closely followed inflation report and one that frequently causes a big reaction in rates. Economists submit forecasts to data com... (read more) |
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| MBS Commentary | | Does Today's Data Change The Outlook? | | Does Today's Data Change The Outlook? There were a few rate friendly tidbits buried in the CPI data, but for the most part, it was right on the screws versus expectations. For those wondering about the ... (read more) |
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| 30 Yr. Fixed Rate | | 6.57% -0.11% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 6.57% | -0.11 | 0.00 | | 15 Yr. Fixed | 5.95% | -0.10 | 0.00 | | 30 Yr. FHA | 6.18% | -0.11 | 0.00 | | 30 Yr. Jumbo | 6.35% | -0.01 | 0.00 | | 5/1 ARM | 6.75% | -0.03 | 0.00 | | 30 Yr. VA | 6.19% | -0.09 | 0.00 | | Updates Daily - Last Update: 5/10 |
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| 15 Yr. Fixed Rate | | 5.95% -0.10% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 6.39% | -0.04 | 0.00 | | 15 Yr. Fixed | 5.76% | +0.05 | 0.00 | | Updates Weekly - Last Update: 5/4 |
| Rate | Change | Points |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.55% | +0.12 | 0.63 | | 15 Yr. Fixed | 6.03% | +0.14 | 0.56 | | 30 Yr. Jumbo | 6.40% | +0.12 | 0.50 | | Updates Weekly - Last Update: 4/26 |
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| Price / Yield | Change |
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| MBS | | UMBS 5.0 | 99.61 | +0.38 | | UMBS 5.5 | 100.86 | +0.31 | | GNMA 5.0 | 99.73 | +0.34 | | GNMA 5.5 | 100.63 | +0.27 | | Pricing as of: 5/10 5:31PM EST |
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| 10 Year US Treasury | | 3.4430 -0.0810 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 3.914 | -0.112 | | 5 YR Treasury | 3.388 | -0.110 | | 7 YR Treasury | 3.411 | -0.091 | | 10 YR Treasury | 3.443 | -0.081 | | 30 YR Treasury | 3.801 | -0.040 | | Pricing as of: 5/10 5:31PM EST |
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