Mortgage Application Volume Fairly Flat, Despite Lower Rates

The Mortgage Bankers Association (MBA) said home purchase activity increased last week, allowing for a small gain in its Market Composite Index. That index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted basis although it was down 1.0 percent compared with the previous week before adjustment. The Refinance Index decreased 2 percent from the previous week and was 40 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 26.9 percent of total applications from 27.3 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index increased 2 percent although it was 0.1 percent lower compared to a week earlier before adjustment. The index was down 32 percent from the same week in 2022. [purchaseappschart] “The 30-year fixed mortgage rate declined for the third consecutive week to 6.73 percent, while other mortgage rates saw mixed results,” Joel Kan, MBA’s Vice President and Deputy Chief Economist said. “ Purchase applications increased, driven by a 2 percent gain in conventional purchase applications and a 3 percent increase in FHA purchase activity ,” “First-time homebuyers account for a large share of FHA purchase loans, and this increase is a sign that while buyer interest is there, activity continues to be constrained by low levels of affordable inventory. Refinance applications continued their decline after the previous week’s increase, with the refinance share of applications just below 27 percent.”

June 21, 2023 Download our Mobile App: Download our Mobile App: Housing News Mortgage Application Volume Fairly Flat, Despite Lower Rates The Mortgage Bankers Association (MBA) said home purchase activity increased last week, allowing for a small gain in its Market Composite Index. That index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted... (read more) MBS Commentary No Whammies From Powell, 20yr Auction Helps No Whammies From Powell, 20yr Auction Helps After a clear rejection of the 3.72% floor in 10yr yields overnight, bonds continued drifting into negative territory ahead of Fed Chair Powell's congressional test... (read more) Mortgage Rate Watch Mortgage Rates Rise Modestly; Extremely Flat Overall Any discussion about mortgage rates rising or falling in the month of June requires the caveat about the trend being exceptionally flat in the bigger picture. Most borrowers wouldn't see more than an eighth of a percent between any two days so ... (read more) Rob Chrisman Referral, Servicing Strategy Products; FHA, USDA, Ginnie News; Mortgage Application Stats I realize that this is a mortgage commentary, but our business touches many aspects of many lives. Today is the summer solstice, marking the astronomical first day of summer in the Northern Hemisphere. Yes, there is quantitatively less sunlight going... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.90% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.90% +0.03 0.00 15 Yr. Fixed 6.28% +0.03 0.00 30 Yr. FHA 6.59% +0.04 0.00 30 Yr. Jumbo 6.68% +0.01 0.00 5/1 ARM 6.88% -0.01 0.00 30 Yr. VA 6.58% +0.04 0.00 Updates Daily - Last Update: 6/21 15 Yr. Fixed Rate 6.28% +0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 6.69% -0.02 0.00 15 Yr. Fixed 6.10% +0.03 0.00 Updates Weekly - Last Update: 6/15 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% -0.04 0.64 15 Yr. Fixed 6.26% +0.01 0.71 30 Yr. Jumbo 6.80% +0.01 0.49 Updates Weekly - Last Update: 6/21 MBS / Treasuries UMBS 30YR 5.0 98.55 +0.02 Price / Yield Change MBS UMBS 5.0 98.55 +0.02 UMBS 5.5 100.06 0.00 GNMA 5.0 98.75 -0.02 GNMA 5.5 100.02 0.00 Pricing as of: 6/21 5:31PM EST 10 Year US Treasury 3.7250 +0.0060 Price / Yield Change US Treasury 2 YR Treasury 4.717 +0.032 5 YR Treasury 3.962 +0.018 7 YR Treasury 3.848 +0.014 10 YR Treasury 3.725 +0.006 30 YR Treasury 3.810 -0.002 Pricing as of: 6/21 5:31PM EST Latest Video Two Fed presidents offer dovish outlooks on Fed rate hikes Fed Chair Jerome Powell: There is certainly a need for more housing Fed Chair Powell: The speed of rate hikes used to be 'very important' but n... Demand for mortgages stays flat despite a decline in rates Around the Web CNBC Powell expects more Fed rate hikes ahead as inflation fight 'has a long way to go' CNBC Listen to the music play: Fed Chair Jerome Powell admits to being a Deadhead Eye on Housing Single-Family Starts Post Solid Gain in May CNBC It's official: Student loan payments will restart in October, Education Department says Calculated Risk Blog California Home Sales Down 23.6% YoY in May, Median Prices Decline 6.4% YoY CNBC Treasury yields mixed as investors await Fed speaker comments CNBC Treasury yields rise as investors await comments from Fed Chair Powell Calculated Risk Blog Update: Lumber Prices Down About 25% YoY Calculated Risk Blog AIA: Architecture Billings "Rebound" in May; Multi-family Billings Decline for 11th Consecutive Month Black Knight Andy Walden on CNBCs The Exchange: Home Prices May Dip Before Trending Higher Calculated Risk Blog MBA Survey: "Share of Mortgage Loans in Forbearance Decreases to 0.49% in May" CNBC UK net debt hits highest level in more than 60 years, topping 100% of GDP Reuters Euro zone yields rise after ECB as market bets on policy rates above 3.9%

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