Mortgage Apps are on the Rise as Rates Drift Lower

Mortgage loan activity posted a third straight gain during the week ended January 20 . The Mortgage Brokers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 7.0 percent on a seasonally adjusted basis from one week earlier and rose 1 percent on an unadjusted basis. The week’s results included an adjustment to account for the observance of Martin Luther King Day. The Refinance Index moved 15 percent higher but was 77 percent below activity during the same week one year ago. That share of the week’s applications increased to 31.9 percent from 31.2 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index gained 3 percent and was 1 percent higher on an unadjusted basis. Activity was 39 percent lower than the same week one year ago. [purchaseappschart] “Mortgage rates declined for the third straight week, which is good news for potential homebuyers looking ahead to the spring homebuying season. Mortgage rates on most loan types decreased last week and the 30-year fixed rate reached its lowest level since September 2022 at 6.2 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Overall applications increased with both gains in purchase and refinance activity, but purchase applications remained almost 39 percent lower than a year ago. Homebuying activity remains tepid, but if rates continue to fall and home prices cool further, we expect to see potential buyers come back into the market. Many have been waiting for affordability challenges to subside.”

January 25, 2023 Download our Mobile App: Download our Mobile App: Housing News Mortgage Apps are on the Rise as Rates Drift Lower Mortgage loan activity posted a third straight gain during the week ended January 20 . The Mortgage Brokers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 7.0 percent on a seasonally adjus... (read more) Mortgage Rate Watch Mortgage Rates Move Modestly Lower Mortgage rates are primarily determined by the bond market, and it's been an uneventful week for bonds! That means we haven't seen much of a change in mortgage rates relative to the changes frequently seen over the past year. Bonds began the d... (read more) MBS Commentary Uneventful Week Continues Uneventful Week Continues Next time bond traders have a hard time getting to sleep, they could just read a recap of how this week. Sure, we're only 3 days in and things could certainly change in the nex... (read more) Rob Chrisman Credit, API, Sales, Repurchase Review, Subservicer Oversight Products; TransUnion Credit Study There are a lot of topics being covered here at the MBA’s IMB conference. One of them is hedging, and if you want a primer on how lenders are protecting themselves from interest rate risk, here you go. Yesterday the MBA’s Marina Walsh observed what l... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.18% -0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.18% -0.03 0.00 15 Yr. Fixed 5.24% -0.01 0.00 30 Yr. FHA 5.78% -0.04 0.00 30 Yr. Jumbo 5.71% -0.01 0.00 5/1 ARM 6.15% +0.10 0.00 30 Yr. VA 5.82% -0.05 0.00 Updates Daily - Last Update: 1/25 15 Yr. Fixed Rate 5.24% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.15% -0.18 0.00 15 Yr. Fixed 5.28% -0.24 0.00 Updates Weekly - Last Update: 1/19 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.23% -0.19 0.67 15 Yr. Fixed 5.58% -0.36 0.54 30 Yr. Jumbo 6.08% -0.01 0.40 Updates Weekly - Last Update: 1/18 MBS / Treasuries UMBS 30YR 5.0 100.41 +0.13 Price / Yield Change MBS UMBS 5.0 100.41 +0.13 UMBS 5.5 101.53 +0.19 GNMA 5.0 100.59 +0.23 GNMA 5.5 101.39 +0.27 Pricing as of: 1/25 5:31PM EST 10 Year US Treasury 3.4452 -0.0098 Price / Yield Change US Treasury 2 YR Treasury 4.129 -0.083 5 YR Treasury 3.551 -0.023 7 YR Treasury 3.496 -0.018 10 YR Treasury 3.445 -0.010 30 YR Treasury 3.597 -0.007 Pricing as of: 1/25 5:31PM EST Latest Video Inflation is slowing but high prices of consumer goods remain sticky Inflation narrative has shifted to tightness in the labor market, says JPM'... January PMI data beats expectations, highest level since November A recession is far from inevitable, says Harvard's Jason Furman Around the Web CNBC 92% of millennial homebuyers say inflation has impacted their purchase plans, but most are plowing ahead anyway, study shows Eye on Housing Fewer Adults are Planning a Home Purchase Calculated Risk Blog Final Look at Local Housing Markets in December Calculated Risk Blog AIA: Architecture Billings "Continue to Decline" in December Eye on Housing Popularity of New Homes Declines in Final Quarter of 2022 CNBC Treasury yields fall as investors assess economic outlook Reuters U.S. business activity still soft in early 2023, but outlook perks up CNBC Fed's Lael Brainard among leading contenders for top White House economic post CNBC Treasury yields dip as investors look to economic data, earnings releases Calculated Risk Blog LA Port Inbound Traffic Down 20% YoY in December Reuters European yields fall, focus starts shifting to data next week Advisor Perspectives Richmond Fed Manufacturing Declined in January CNBC European markets head for lower open, shrugging off positive PMI data

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