Rate Drop Prompts Jump in Refi Application Volume

A surge in refinance applications drove mortgage application volume higher for the second straight time last week. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, increased 7.1 percent on a seasonally adjusted basis, 8.0 percent before adjustment. Refinancing was 12.0 percent higher than the previous week and surpassed the Refinancing Index level during the same week in 2024 by 5.0 percent. Refinancing accounted for 31.6 percent of applications, up from 30.2 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index rose 5.0 percent from one week earlier and was 6.0 percent higher unadjusted, remaining 11 percent lower than the same week one year ago. [purchaseappschart] “Mortgage rates dropped below 7 percent last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Purchase application volume increased for the week but remains about 11 percent below last year’s level. By contrast, refinance volume picked up by 12 percent, with a larger, 24 percent increase in the government refinance index. While these percentage increases are large, the level of refinance activity remains quite low, and we expect that most of this activity reflects borrowers who took out a loan at or near the peak of rates in the past two years .”

March 13, 2024 Download our Mobile App: Download our Mobile App: Housing News Rate Drop Prompts Jump in Refi Application Volume A surge in refinance applications drove mortgage application volume higher for the second straight time last week. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, increased 7.1 percent on a seasonally adju... (read more) MBS Commentary Calmer Day of Losses. Data Resumes on Thursday Calmer Day of Losses. Data Resumes on Thursday Without any notable econ data on tap, bonds were left to their own devices on Wednesday. This initially involved moderate overnight weakness and most... (read more) Mortgage Rate Watch Mortgage Rates Move Higher For 3rd Straight Day Mortgage rates are nowhere near their highs from a few short weeks ago, let alone the much higher highs from late 2023, but they are at the highest levels this week after rising for the past 3 days. Monday's increase was small, forgettable, and rand... (read more) Rob Chrisman Servicing, LOS, POS, HELOC, Processing Tools; Agency Repurchase Progress To the best of my knowledge my cat Myrtle, despite being at the top of the food chain, has never hunted eagle… But who can resist a good live bald eagle cam from California? Anyone who has looked at a map knows that Lake Tahoe and Reno are west of Lo... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.94% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.94% +0.02 0.00 15 Yr. Fixed 6.46% +0.02 0.00 30 Yr. FHA 6.44% +0.02 0.00 30 Yr. Jumbo 7.25% +0.01 0.00 7/6 SOFR ARM 6.60% 0.00 0.00 30 Yr. VA 6.46% +0.01 0.00 Updates Daily - Last Update: 3/13 15 Yr. Fixed Rate 6.46% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.88% -0.06 0.00 15 Yr. Fixed 6.22% -0.04 0.00 Updates Weekly - Last Update: 3/7 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% -0.18 0.65 15 Yr. Fixed 6.37% -0.29 0.77 30 Yr. Jumbo 7.04% -0.17 0.38 Updates Weekly - Last Update: 3/13 MBS / Treasuries UMBS 30YR 5.5 99.48 -0.11 Price / Yield Change MBS UMBS 5.5 99.48 -0.11 UMBS 6.0 100.89 -0.11 GNMA 5.5 99.81 -0.09 GNMA 6.0 100.86 -0.06 Pricing as of: 3/13 5:31PM EST 10 Year US Treasury 4.1880 +0.0370 Price / Yield Change US Treasury 2 YR Treasury 4.632 +0.048 5 YR Treasury 4.192 +0.044 7 YR Treasury 4.201 +0.041 10 YR Treasury 4.188 +0.037 30 YR Treasury 4.340 +0.028 Pricing as of: 3/13 5:31PM EST Latest Video Weekly mortgage demand jumps again Treasury sells $22 billion in 30-year bonds Thriving investors are looking toward homebuilding and consumer goods, says... Overall challenge in housing is a tightness in inventory, says Bess Freedma... Around the Web Calculated Risk Blog Q4 Update: Delinquencies, Foreclosures and REO CNBC Deflation: Here's where prices fell in February 2024 in one chart Eye on Housing Examining Differences between Homeowner and Renter Wealth CNBC A key inflation reading is due out Tuesday morning. Here's what to expect Calculated Risk Blog BLS: CPI Increased 0.4% in February; Core CPI increased 0.4% Calculated Risk Blog 2nd Look at Local Housing Markets in February; Inventory Continues to Surge in Florida Eye on Housing U.S. Financial Accounts Fourth Quarter Wealth Data Calculated Risk Blog YoY Measures of Inflation: Services, Goods and Shelter CNBC Consumer spending rebounded in February, according to the CNBC/NRF Retail Monitor Eye on Housing Housing Continues to Keep Inflation Elevated Marketwatch Treasury yields end at one-week highs after February's CPI inflation report CNBC Treasury yields dip ahead of consumer inflation data Marketwatch Treasury yields turn mixed after solid 3-year auction ahead of Tuesday's CPI data

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