A second week of lower interest rates appeared to send homeowners scrambling to refinance their higher-rate mortgages assumed over the last few years. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, increased 16.8 percent on a seasonally adjusted basis. On an unadjusted basis, the Index increased 15.0 percent compared with the previous week. The Refinance Index soared by 35.0 percent compared to the prior week and was 118 percent higher than the same week one year ago. The refinance share of applications rose to 48.6 percent from 41.7 percent. [refiappschart] The seasonally adjusted Purchase Index was 3.0 percent higher than a week earlier, and the unadjusted Index was up 2.0 percent. It trailed the Index from the same week in 2023 by 8.0 percent. [purchaseappschart] “Rates on both 30- and 15-year fixed-rate mortgages decreased for the second consecutive week, and combined with the previous week’s rate moves, spurred another strong week for application activity as borrowers with higher rates took the opportunity to refinance,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Overall applications increased almost 17 percent to the highest level since January 2023 , driven by a 35 percent increase in refinance applications. The refinance index also saw its strongest week since May 2022 and was 117 percent higher than a year ago, driven by gains in conventional, FHA, and VA applications. Additionally, purchase applications increased by 3 percent, with small gains seen across the various loan types, indicating that prospective homebuyers are slowly reentering the market.”
| Housing News | | Mortgage Application Volume Soars, Refi Index Up 35% | | A second week of lower interest rates appeared to send homeowners scrambling to refinance their higher-rate mortgages assumed over the last few years. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan applic... (read more) |
|
| Mortgage Rate Watch | | Mortgage Rates Dip Back Below 6.5% | | Today brought the release of important economic data with the power to cause a sharp increase or decrease in mortgage rates. There are a wide variety of economic reports that guide investors as well as Fed policy (which in turns has an impact o... (read more) |
|
| MBS Commentary | | CPI Trying Its Best to Thread The Needle | | These things happen... While it's true that CPI is one of the two hardest-hitting economic reports (the other being the jobs report), it's also true that the data needs to come in higher or lower than expected in order to see the movement. ... (read more) |
|
|
| 30 Yr. Fixed Rate | | 6.49% -0.03% |
|
| Rate | Change | Points |
|---|
| Mortgage News Daily | | 30 Yr. Fixed | 6.49% | -0.03 | 0.00 | | 15 Yr. Fixed | 5.95% | -0.03 | 0.00 | | 30 Yr. FHA | 6.05% | -0.02 | 0.00 | | 30 Yr. Jumbo | 6.68% | -0.02 | 0.00 | | 7/6 SOFR ARM | 6.25% | -0.04 | 0.00 | | 30 Yr. VA | 6.07% | -0.03 | 0.00 | | Updates Daily - Last Update: 8/14 |
|
|
| 15 Yr. Fixed Rate | | 5.95% -0.03% |
|
| Rate | Change | Points |
|---|
| Freddie Mac | | 30 Yr. Fixed | 6.47% | -0.26 | 0.00 | | 15 Yr. Fixed | 5.63% | -0.36 | 0.00 | | Updates Weekly - Last Update: 8/8 |
| Rate | Change | Points |
|---|
| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.55% | -0.27 | 0.58 | | 15 Yr. Fixed | 6.03% | -0.24 | 0.74 | | 30 Yr. Jumbo | 6.77% | -0.30 | 0.50 | | Updates Weekly - Last Update: 8/7 |
|
|
|
| UMBS 30YR 5.5 | | 100.66 +0.01 |
|
| Price / Yield | Change |
|---|
| MBS | | UMBS 5.5 | 100.66 | +0.01 | | UMBS 6.0 | 101.80 | +0.02 | | GNMA 5.5 | 100.63 | 0.00 | | GNMA 6.0 | 101.31 | -0.13 | | Pricing as of: 8/14 5:31PM EST |
|
|
| 10 Year US Treasury | | 3.8404 -0.0014 |
|
| Price / Yield | Change |
|---|
| US Treasury | | 2 YR Treasury | 3.964 | +0.034 | | 5 YR Treasury | 3.685 | +0.016 | | 7 YR Treasury | 3.732 | +0.005 | | 10 YR Treasury | 3.840 | -0.001 | | 30 YR Treasury | 4.130 | -0.028 | | Pricing as of: 8/14 5:31PM EST |
|
|
|
|
|
