Mortgage Application Volume Up Slightly, Despite Higher Rates

The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 7.4 percent on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, the Index was up 9 percent. The Refinance Index rose 9 percent from the previous week and was 76 percent lower than the same week in 2022. The refinance share of mortgage activity increased to 28.9 percent of total applications from 28.7 percent. [refiappschart] The Purchase Index was 7 percent higher than the prior week on a seasonally adjusted basis and up 9 percent before adjustment. Purchase volume has declined 42 percent on an annual basis. [purchaseappschart] “Mortgage rates continued to increase last week. The 30-year fixed rate rose to 6.79 percent – the highest level since November 2022 and 270 basis points higher than a year ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Even with higher rates, there was an uptick in applications last week, but this was in comparison to two weeks of declines to very low levels, including a holiday week. Comparing the application indices from a year ago, purchase applications were still down 42 percent, and refinance activity was down 76 percent . Many borrowers are waiting on the sidelines for rates to come back down.” Other Highlights from MBA’s Weekly Mortgage Applications Survey

March 8, 2023 Download our Mobile App: Download our Mobile App: Housing News Mortgage Application Volume Up Slightly, Despite Higher Rates The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 7.4 percent on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, the Index was up 9 perc... (read more) Mortgage Rate Watch Mortgage Rates Remain Elevated, But Bigger Volatility is Coming There's probably not going to be any way around it. However volatile rates may have been in the past 2 weeks, they're at risk of much larger swings in the 2 weeks ahead. I'm intentionally avoiding commenting on the first few weeks ... (read more) MBS Commentary Slightly Weaker, But It Could Have Been Worse Slightly Weaker, But It Could Have Been Worse Bonds are heading out the door in only moderately weaker territory. One of the day's most notable developments was the fact that stronger trading levels pre... (read more) Rob Chrisman CRM, Forecasting, Warehouse Tools; FHA, USDA Industry News; 2-Year Yield Above 5%; BK's Empower to be Sold Last week my son asked if I had seen the dog bowl. I replied, “I didn’t know he could!” The weather here in Palm Springs, California is much different than that of Anchorage, and yesterday’s Commentary’s mention of the fabled Iditarod prompted Fairwa... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.05% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.05% +0.02 0.00 15 Yr. Fixed 6.50% +0.02 0.00 30 Yr. FHA 6.54% +0.02 0.00 30 Yr. Jumbo 6.50% 0.00 0.00 5/1 ARM 6.62% +0.05 0.00 30 Yr. VA 6.58% +0.03 0.00 Updates Daily - Last Update: 3/8 15 Yr. Fixed Rate 6.50% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.65% +0.15 0.00 15 Yr. Fixed 5.89% +0.13 0.00 Updates Weekly - Last Update: 3/2 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% +0.08 0.80 15 Yr. Fixed 6.25% +0.12 1.01 30 Yr. Jumbo 6.49% +0.05 0.59 Updates Weekly - Last Update: 3/8 MBS / Treasuries UMBS 30YR 5.5 99.11 -0.20 Price / Yield Change MBS UMBS 5.5 99.11 -0.20 UMBS 6.0 100.58 -0.20 GNMA 5.5 99.77 -0.14 GNMA 6.0 100.72 -0.19 Pricing as of: 3/8 5:31PM EST 10 Year US Treasury 3.9952 +0.0252 Price / Yield Change US Treasury 2 YR Treasury 5.076 +0.061 5 YR Treasury 4.352 +0.037 7 YR Treasury 4.201 +0.029 10 YR Treasury 3.995 +0.025 30 YR Treasury 3.895 +0.018 Pricing as of: 3/8 5:31PM EST Latest Video Fed Chair Powell: We don't have to worry about the U.S. budget, that is not... Housing will see a slow and bumpy return to normalcy, says Black Knight's A... Fed Chair Powell: Our status as the world's reserve currency is not under t... The latest Fed Beige Book acknowledges slight increase in economic activity Around the Web MBA Jason Wilborn of Accenture: Perfect Timing Eye on Housing Mortgage Activity Increases Despite Mortgage Rate Volatility CNBC Private payrolls rose by 242,000 in February, better than expected, ADP says Calculated Risk Blog 1st Look at Local Housing Markets in February CNBC Job openings declined in January but still far outnumber available workers CNBC How ETFs are expediting bond market modernization CNBC Watch Fed Chair Jerome Powell speak live in second day of Capitol Hill testimony Calculated Risk Blog Fed's Beige Book: "Leasing rates for multifamily were starting to decrease" The Basis Point Heres Proof of Fed Consistency On Inflation Fight CNBC Treasury yields rise as investors weigh Fed Chair Powells remarks Calculated Risk Blog Leading Index for Commercial Real Estate Increases in February Wall Street Journal U.S. Imports, Exports Grew in January CNBC European markets set to open lower after Powell's comments

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