Mortgage Application Volume Reaches Five-Week High

Even though mortgage interest rates changed only slightly, the volume of mortgage applications moved higher for the second time in as many weeks. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 2.8 percent on a seasonally adjusted basis from one week earlier and was up 0.4 percent before adjustment. The Refinance Index gained 2.0 percent compared to the previous week and was 7 percent higher than the same week one year ago. Refinancing accounted for 31.9 percent of total applications, up from 31.4 percent the prior week. [refiappschart] Purchase applications rose 3.0 percent on a seasonally adjusted basis but slipped by 0.3 percent before adjustment. The Purchase Index was 12 percent lower than the same week one year ago. [purchaseappschart] “Although Treasury rates dipped midweek, mortgage rates were little changed on average through the week. The 30-year fixed mortgage rate remained at 7.61 percent, about 30 basis points lower than three weeks ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Both purchase and refinance applications increased to the highest weekly pace in five weeks but remain at very low levels. Despite the recent downward trend, mortgage rates at current levels are still challenging for many prospective homebuyers and current homeowners .” Highlights from MBA’s Weekly Mortgage Applications Survey

November 15, 2023 Download our Mobile App: Download our Mobile App: Housing News Mortgage Application Volume Reaches Five-Week High Even though mortgage interest rates changed only slightly, the volume of mortgage applications moved higher for the second time in as many weeks. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume,... (read more) MBS Commentary Happy Thanksgiving From The Bond Market. See You in December Happy Thanksgiving From The Bond Market. See You in December After Tuesday's big CPI reaction, Wednesday brought the week's only other top tier economic report. Retail Sales may have been negative, but ... (read more) Rob Chrisman LOS, Processing, Single Women Buyer Report, AI Products; Citizens Ends Wholesale Division; Freddie Repurchases Besides Janet Yellen’s In-N-Out foray, it is a rough environment out there: Hope you don’t want a Wells Fargo HELOC. Or just ask Citizens who is exiting the wholesale channel; More below on that. Many lenders are reporting unit volumes dropping by 50... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.45% +0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.45% +0.05 0.00 15 Yr. Fixed 6.92% +0.04 0.00 30 Yr. FHA 6.77% +0.03 0.00 30 Yr. Jumbo 7.84% +0.04 0.00 5/1 ARM 7.09% +0.01 0.00 30 Yr. VA 6.78% +0.03 0.00 Updates Daily - Last Update: 11/15 15 Yr. Fixed Rate 6.92% +0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 7.50% -0.26 0.00 15 Yr. Fixed 6.81% -0.22 0.00 Updates Weekly - Last Update: 11/9 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.61% -0.25 0.69 15 Yr. Fixed 6.98% -0.16 0.88 30 Yr. Jumbo 7.58% -0.22 0.65 Updates Weekly - Last Update: 11/8 MBS / Treasuries UMBS 30YR 6.0 99.28 -0.27 Price / Yield Change MBS UMBS 6.0 99.28 -0.27 UMBS 6.5 100.88 -0.23 GNMA 6.0 99.78 -0.19 GNMA 6.5 101.08 -0.16 Pricing as of: 11/15 5:31PM EST 10 Year US Treasury 4.5430 +0.0900 Price / Yield Change US Treasury 2 YR Treasury 4.914 +0.078 5 YR Treasury 4.526 +0.086 7 YR Treasury 4.565 +0.091 10 YR Treasury 4.543 +0.090 30 YR Treasury 4.701 +0.071 Pricing as of: 11/15 5:31PM EST Latest Video An eventual recession will force the Fed to cut rates, says Roth MKM's Mich... The deficit would still be wide even if rates went down, says CBO Director ... Sept. business inventories delivers on estimates, highest month-over-month ... US Retail Sales Ahead Of The Holiday Season Around the Web CNBC The market thinks the Fed is going to start cutting rates aggressively. Investors could be in for a letdown CNBC Where prices fell in October 2023 in one chart Marketwatch Retail sales in the U.S. fall for first time in 7 months CNBC Wholesale prices fell 0.5% in October for biggest monthly drop since April 2020 CNBC Cooler monthly inflation report pushes mortgage rates even lower Calculated Risk Blog Lawler: New Census Long-Term Population Projections Are MASSIVELY Lower Than Previous Projections Eye on Housing Lumber and Steel Products Lead Building Materials Prices Lower Calculated Risk Blog AIA: "Continuing Decline in Architecture Billings"; Multi-family Billings Decline for 15th Consecutive Month Eye on Housing Single-Family Permits Down in September 2023 Calculated Risk Blog 3rd Look at Local Housing Markets in October CNBC 2-year Treasury yield rises as investors weigh inflation data CNBC IMF says central bank digital currencies can replace cash: 'This is not the time to turn back' Calculated Risk Blog Retail Sales Decreased 0.1% in October

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