Mortgage Applications Keep Kicking The Can

It's not entirely clear if it's a can or the proverbial bucket. All we know is that mortgage applications have been kicking it. There's no great way to make the news interesting now that loan volume has done what anyone would have expected it to do, given the the rapid rise in rates over the past 6 weeks. Up until that point, there had been a noticeable uptick in refinance applications. That uptick has now been fully erased, although this week didn't decline nearly as much as the past several. In the bigger picture, that uptick wasn't anything special considering the starting point was as low as it's been in decades. To whatever extent refi apps have been historically muted, purchase applications have been reliably boring. Little changes on that front from week to week. The bigger picture is more interesting here, perhaps, as it shows the rapid shift from a longstanding trend of steady improvement to the new reality of exceptionally light purchase activity. Other highlights include: Refis accounted for 39.9% of the total, same as last week FHA accounted for 16.0%, up from 15.5% VA accounted for 13.3%, up from 12.5% Survey rates were up to 6.86 from 6.81 (30yr fixed) origination/points decreased to 0.6 from 0.68 FHA rates fell to 6.69 from 6.75 Jumbo rates rose to 7.00% from 6.98%

November 13, 2024 Download our Mobile App: Download our Mobile App: Housing News Mortgage Applications Keep Kicking The Can It's not entirely clear if it's a can or the proverbial bucket. All we know is that mortgage applications have been kicking it. There's no great way to make the news interesting now that loan volume has done what anyone would have expecte... (read more) Mortgage Rate Watch Mortgage Rates Roughly Unchanged Today While there's been plenty of movement in the average mortgage rate on any given day recently, today was not one of them. 30yr fixed rates remained above 7%, but technically fell 0.01% (an amount so small that it may as well be considered an abs... (read more) MBS Commentary Early Gains Speak to Underlying Inflation Anxiety Bonds managed a moderate rally in response to this morning's inflation data. While it has since been mostly erased, it was as strong of a showing as we could have possibly hoped for at the time, and one that speaks to the recent increase in und... (read more) Rob Chrisman Capital Markets Class, CFO Oversight, Correspondent, Non-QM products; Freddie and Fannie Changes “When I was young man, I met a girl in Tennessee who turned out to be a moonshiner’s daughter. That was a long time ago. But I love her still.” The Commentary is going out this morning from a Buc-ee’s in Northern Georgia (on my way northward to Ohio)... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.01% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.01% -0.01 0.00 15 Yr. Fixed 6.37% -0.02 0.00 30 Yr. FHA 6.32% -0.08 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.95% -0.03 0.00 30 Yr. VA 6.34% -0.09 0.00 Updates Daily - Last Update: 11/13 15 Yr. Fixed Rate 6.37% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.79% +0.07 0.00 15 Yr. Fixed 6.00% +0.01 0.00 Updates Weekly - Last Update: 11/7 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 99.01 +0.16 Price / Yield Change MBS UMBS 5.5 99.01 +0.16 UMBS 6.0 100.62 +0.21 GNMA 5.5 99.64 -0.13 GNMA 6.0 100.77 +0.03 Pricing as of: 11/13 5:31PM EST 10 Year US Treasury 4.4482 +0.0241 Price / Yield Change US Treasury 2 YR Treasury 4.278 -0.066 5 YR Treasury 4.301 -0.012 7 YR Treasury 4.379 +0.001 10 YR Treasury 4.448 +0.024 30 YR Treasury 4.634 +0.061 Pricing as of: 11/13 5:31PM EST Latest Video Homebuilder M&A is soaring, as Japanese buy big NY Fed: Total delinquencies rise to 3.5%, highest since Q2 2020 but below p... It's reasonable for Fed to pull back on aggressive tightening, says PGIM's ... Fed has room to continue to cut as monetary policy is still restrictive, sa... Around the Web Forex Live Fed's Musalem: Recent info suggests inflation risks have risen Eye on Housing Housing Costs Continue to Drive Inflation CNBC Annual inflation rate hit 2.6% in October, meeting expectations Reuters Fed's Kashkari says he's confident inflation is headed down Reuters Fed should proceed 'with caution' on rate cuts, Logan says CNBC Mortgage demand stalls as financial markets digest Trump presidency CNBC Homebuilder deal activity is surging, fueled by major Japanese buyers Calculated Risk Blog YoY Measures of Inflation: Services, Goods and Shelter Dallas Fed Navigating in shallow waters: Monetary policy strategy in a better-balanced economy CNBC Luxury goods market to shrink for first time since the 2008 financial crash, research finds cnbc Fed’s Barkin: Economy and policy are in a good place Reuters Fed's Schmid: extent of further rate cuts 'remains to be seen' CNBC Republicans projected to win House majority, securing GOP trifecta

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