Purchase Volume Has a Another Strong Week

Mortgage application volume continued its recovery last week driven by a second strong increase in purchasing activity. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, gained a seasonally adjusted 2.0 percent and increased 3.0 percent on an unadjusted basis from one week earlier. The seasonally adjusted Purchase Index increased 5 percent on both a seasonally adjusted and an unadjusted basis. It lagged the same week in 2021 by 8 percent. [purchaseappschart] Refinancing, which had eked out its first gain in eight weeks in the previous period, fell back by 2.0 percent and was 72 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 32.4 percent of total applications from 33.9 percent the previous week. [refiappschart] “The increase in mortgage applications last week was driven by a strong gain in application activity for conventional and government purchase loans, even as mortgage rates rose to their highest level – 5.53 percent – since 2009,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Despite a slow start to this year’s spring home buying season, prospective buyers are showing some resiliency to higher rates. Purchase activity has now increased for two straight weeks. More borrowers continue to utilize ARMs to combat higher rates. The share of ARMs increased to 11 percent of overall loans and to 19 percent by dollar volume.”

May 11, 2022 Download our Mobile App: Download our Mobile App: Housing News Purchase Volume Has a Another Strong Week Mortgage application volume continued its recovery last week driven by a second strong increase in purchasing activity. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, gained a seasonally adjusted 2.0 perce... (read more) Mortgage Rate Watch Nice Recovery Brings Rates Close to 2 Week Lows Mortgage rates almost hit a new 2 week low today. That's the first time we've been able to say that since early March when markets were still reacting to Russia's invasion of Ukraine. The underlying details reveal this milestone ... (read more) MBS Commentary MBS Live Recap: Bonds Bounce Back Despite Hotter Inflation Data Bonds Bounce Back Despite Hotter Inflation Data Feel free to call it a comeback, but don't ask why it happened. Today's bond rally is an answer in search of a question or a solution in search of a ... (read more) Rob Chrisman Underwriting, HELOC, DSCR, MSR Products; UWM, Rocket 1st Quarter Stats Remember: April is National Procrastination Month! I could tell that my cat Myrtle was displeased the other morning. She’s very secretive about her finances, but my guess is that she’s “long” residential lender stocks and procrastinated selling them.... (read more) Mortgage Rates Nice Recovery Brings Rates Close to 2 Week Lows 30 Yr. Fixed Rate 5.41% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 5.41% +0.01 0.40 15 Yr. Fixed 4.78% 0.00 0.40 30 Yr. FHA 5.12% +0.12 0.00 30 Yr. Jumbo 4.60% -0.02 0.00 5/1 ARM 4.57% -0.03 1.00 Updates Daily - Last Update: 5/11 15 Yr. Fixed Rate 4.78% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 5.27% +0.17 0.90 15 Yr. Fixed 4.52% +0.12 0.80 5/1 Yr. ARM 3.96% +0.18 0.20 Updates Weekly - Last Update: 5/5 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 5.53% +0.17 0.73 15 Yr. Fixed 4.79% +0.11 0.80 30 Yr. Jumbo 5.08% +0.16 0.42 Updates Weekly - Last Update: 5/11 MBS / Treasuries MBS Live Recap: Bonds Bounce Back Despite Hotter Inflation Data UMBS 30YR 4.0 99.19 +0.08 Price / Yield Change MBS UMBS 4.0 99.19 +0.08 UMBS 4.5 101.14 -0.08 GNMA 4.0 100.36 +0.05 GNMA 4.5 102.00 -0.19 Pricing as of: 5/11 5:21PM EST 10 Year US Treasury 2.9265 -0.0624 Price / Yield Change US Treasury 2 YR Treasury 2.643 +0.037 5 YR Treasury 2.898 -0.010 7 YR Treasury 2.950 -0.040 10 YR Treasury 2.927 -0.062 30 YR Treasury 3.049 -0.078 Pricing as of: 5/11 5:21PM EST Latest Video The housing market will cool off close to the third quarter, says UWMC's Ma... You have to focus on the labor market, says Wells Fargo's Michael Schumache... The 2pm Bond Report - May 11, 2022 The 3pm Bond Report - May 11, 2022 Around the Web CNBC Inflation remained near a 40-year high in April. Here's where consumers plan to cut spending Calculated Risk Blog 2nd Look at Local Housing Markets in April; Inventory increasing, No Surge in New Listings CNBC Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs Reuters Fed's Waller Says Now Is the Time to 'Hit It' on Raising Rates CNBC Adjustable-rate mortgage demand surges to 14-year high, as homebuyers try to afford this pricey spring market Calculated Risk Blog Mortgage Originations by Credit Score and Age CNBC Housing supply is finally improving, as high prices and rising rates weigh on sales CNBC Dallas Federal Reserve names Lorrie Logan new president to succeed Robert Kaplan Reuters Fed's Williams on board with 50 bps rate hikes at next two meetings CNBC Household debt nears $16 trillion despite rising rates and inflation CNBC 10-year Treasury yield falls to 2.93% ahead of key inflation data Calculated Risk Blog NY Fed Q1 Report: Total Household Debt Increases to $15.8 trillion yahoo finance Cleveland Fed's Mester 'comfortable' with 0.50% rate hikes at next two meetings

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