After a Memorial Day-induced lull, mortgage application activity rebounded sharply last week, according to the Mortgage Bankers Association’s (MBA) latest survey. Both purchase and refinance demand climbed to their highest levels in over a month, with the composite index rising 12.5% on a seasonally adjusted basis. “Coming out of the Memorial Day holiday, mortgage applications increased to the highest level in over a month, driven by growth in both purchase and refinance applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Despite ongoing uncertainty surrounding the economy, homebuyers seem to be taking advantage of loosening housing inventory in certain markets.” Refinance applications jumped 16% on the week and are now 28% higher than the same week last year. Purchase apps rose 10% week-over-week and are now running 20% above 2024 levels, marking a continuation of the strong year-over-year gains seen in recent reports. There are only 2 other weeks with higher purchase index readings going back to May 2023, and they were only barely higher. It should be noted that refi index, while not officially seasonally adjusted does include a smoothing adjustment for holiday weeks. Last week's data noted a Memorial Day adjustment, one that is not present in the current week's data. Because certain holidays fall on a different day of the week, adjusting for them is an imperfect science. In all likelihood, if we could completely remove seasonality and holiday effects, last week's refi index would have been stronger and the present week would have shown a much smaller increase.
| Housing News | | Purchase Demand Near 2 Year Highs; Refis Bounce Back | | After a Memorial Day-induced lull, mortgage application activity rebounded sharply last week, according to the Mortgage Bankers Association’s (MBA) latest survey. Both purchase and refinance demand climbed to their highest levels in over a month, wit... (read more) |
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| MBS Commentary | | Not Reading Too Much Into Friday's Weakness | | Not Reading Too Much Into Friday's Weakness At first glance, with only one report on the calendar, it's only logical to give Consumer Sentiment credit for sparking today's bond market selling spree. Clo... (read more) |
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| Mortgage Rate Watch | | Mortgage Rates Bounce But Remain Lower on The Week | | The top tier 30yr fixed mortgage rate index rose 0.04% on Friday, which would be a medium-sized defeat in and of itself. In the broader context, however, it was an acceptable adjustment on what has otherwise been a solid week. Specifically, tod... (read more) |
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| 30 Yr. Fixed Rate | | 6.89% +0.04% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 6.89% | +0.04 | 0.00 | | 15 Yr. Fixed | 6.16% | +0.02 | 0.00 | | 30 Yr. FHA | 6.45% | +0.06 | 0.00 | | 30 Yr. Jumbo | 6.94% | +0.09 | 0.00 | | 7/6 SOFR ARM | 6.42% | +0.05 | 0.00 | | 30 Yr. VA | 6.47% | +0.07 | 0.00 | | Updates Daily - Last Update: 6/13 |
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| 15 Yr. Fixed Rate | | 6.16% +0.02% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 6.84% | -0.01 | 0.00 | | 15 Yr. Fixed | 5.97% | -0.02 | 0.00 | | Updates Weekly - Last Update: 6/12 |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.93% | +0.01 | 0.64 | | 15 Yr. Fixed | 6.16% | -0.09 | 0.66 | | 30 Yr. Jumbo | 6.93% | +0.01 | 0.63 | | Updates Weekly - Last Update: 6/11 |
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| Price / Yield | Change |
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| MBS | | UMBS 5.5 | 99.02 | -0.27 | | UMBS 6.0 | 100.95 | -0.20 | | GNMA 5.5 | 99.43 | -0.19 | | GNMA 6.0 | 101.00 | -0.14 | | Pricing as of: 6/13 5:31PM EST |
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| 10 Year US Treasury | | 4.4076 +0.0440 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 3.951 | +0.041 | | 5 YR Treasury | 4.007 | +0.037 | | 7 YR Treasury | 4.192 | +0.041 | | 10 YR Treasury | 4.408 | +0.044 | | 30 YR Treasury | 4.902 | +0.056 | | Pricing as of: 6/13 5:31PM EST |
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