Mortgage Applications Fall for the Fourth Straight Week

The four-day business week accompanying the Memorial Day Holiday contributed to a further slowdown in mortgage applications. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 1.4 percent on a seasonally adjusted basis and dropped 12 percent on an unadjusted basis. The Refinance Index decreased 1.0 percent from the previous week and was 42.0 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 27.3 percent from 26.7 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index dipped 2.0 percent. The unadjusted index was down 13.0 percent week-over-week and 27 percent on an annual basis. [purchaseappschart] “Mortgage rates declined last week from a recent high, but total application activity slipped for the fourth straight week ,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30-year fixed rate dipped to 6.81 percent; 10 basis points lower than last week but still the second highest rate of 2023 to date. “Overall applications were more than 30 percent lower than a year ago, as borrowers continue to grapple with the higher rate environment . Purchase activity is constrained by reduced purchasing power from higher rates and the ongoing lack of for-sale inventory in the market, while there continues to be very little rate incentive for refinance borrowers. There was less of a decline in government purchase applications last week, which was consistent with a growing share of first-time home buyers in the market.”

June 7, 2023 Download our Mobile App: Download our Mobile App: Housing News Mortgage Applications Fall for the Fourth Straight Week The four-day business week accompanying the Memorial Day Holiday contributed to a further slowdown in mortgage applications. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 1.4 percen... (read more) Mortgage Rate Watch Mortgage Rates Highest in More Than a Week Mortgage rates continue to operate in a fairly narrow range but we've been mostly moving in one direction inside that range so far this month. Late last week, it was the strong job creation announced on Friday that pushed rates higher. Th... (read more) MBS Commentary BOC Warns US Rate Market Against Complacency BOC Warns US Rate Market Against Complacency US rate traders are pretty sure they have the Fed figured out after two separate Fed speakers used the word "skip" in speeches last week. There's a low chanc... (read more) Rob Chrisman Referral and Marketing Tools; TPO Products; U/W, Doc Custodian Review; DSCR and 2nd Program News Mortgage news temporarily aside, how about the government contemplating a law that would require cars to have AM radio?! AM radio goes farther than FM or cellular streaming services which is why, in out-of-the-way places, like in mountains, you can t... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.94% +0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.94% +0.05 0.00 15 Yr. Fixed 6.32% +0.03 0.00 30 Yr. FHA 6.62% +0.08 0.00 30 Yr. Jumbo 6.69% +0.03 0.00 5/1 ARM 6.89% +0.04 0.00 30 Yr. VA 6.61% +0.06 0.00 Updates Daily - Last Update: 6/7 15 Yr. Fixed Rate 6.32% +0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 6.79% +0.22 0.00 15 Yr. Fixed 6.18% +0.21 0.00 Updates Weekly - Last Update: 6/1 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.91% +0.22 0.83 15 Yr. Fixed 6.41% +0.26 0.84 30 Yr. Jumbo 6.78% +0.21 0.76 Updates Weekly - Last Update: 5/31 MBS / Treasuries UMBS 30YR 5.0 98.08 -0.44 Price / Yield Change MBS UMBS 5.0 98.08 -0.44 UMBS 5.5 99.61 -0.38 GNMA 5.0 98.30 -0.38 GNMA 5.5 99.67 -0.25 Pricing as of: 6/7 5:31PM EST 10 Year US Treasury 3.7950 +0.1180 Price / Yield Change US Treasury 2 YR Treasury 4.552 +0.055 5 YR Treasury 3.935 +0.105 7 YR Treasury 3.879 +0.116 10 YR Treasury 3.795 +0.118 30 YR Treasury 3.951 +0.098 Pricing as of: 6/7 5:31PM EST Latest Video Treasury Secretary Janet Yellen: I think there will be issues with commerci... Markets pricing out rate cuts for this year is the right move, says RegentA... Fed skipping rate hike 'makes a lot of sense,' says Jefferies' Zervos The Fed should take a hawkish pause in June meeting, says fmr. Fed Presiden... Around the Web CNBC Homeownership is a great way to build wealth, advisor says. Here's how make that purchase successful CNBC Treasury Secretary Yellen says she wouldn't be surprised to see more bank consolidation CNBC Treasury Secretary Yellen says she wouldn't be surprised to see more bank consolidation Black Knight How Automation Can Help Lenders Run Lean Calculated Risk Blog Second Home Market: South Lake Tahoe in May Calculated Risk Blog Early Look at Local Housing Markets in May Calculated Risk Blog Wholesale Used Car Prices Decreased in May; Down 7.6% Year-over-year CNBC Treasury yields dip as investors weigh expectations for economy, monetary policy The Basis Point Existing home prices down $25k from June 2022 peak to $388,800. Is this affordable? CNBC World Bank sees major economies growing at much slower pace thanks to higher rates and banking stress CNBC UK predicted to have the highest inflation rate out of all advanced economies this year Eye on Housing Single-Family Construction Slowdown Less Pronounced in Lower Density Markets Calculated Risk Blog Trade Deficit Increased to $74.6 Billion in April

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