Rates Aside, MBA Sees Job Numbers as Positive for Housing Market

Mortgage application volume fell again last week, but the declines were small compared to the double-digit declines in all indices during the week ended September 30. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 2.0 percent on both a seasonally adjusted and unadjusted basis during the week ended October 7. The Refinance Index also fell 2.0 percent from the prior week and was 86 percent below its level during the same week in 2021. The refinance share of mortgage activity was unchanged from the prior week at 29.0 percent. [refiappschart] There was also a 2.0 percent week-over-week decline in both unadjusted and adjusted Purchase Indices . The unadjusted Purchase Index fell below that of the same week in 2021 by 39 percent. [purchaseappschart] “Mortgage rates moved higher once again during the first week of the fourth quarter of 2022, with the 30year conforming rate reaching 6.81 percent, the highest level since 2006,” Mike Fratantoni, MBA’s Senior Vice President, and Chief Economist said. “Mortgage rates increased across all product types in MBA’s survey, with the largest, a 20-basis-point increase, for 5-year adjustable-rate mortgage (ARM) loans. The ARM share of applications remained quite high at 11.7 percent – just below last week’s level. Application volumes for both refinancing and home purchases declined and continue to fall further behind last year’s record levels .”

October 12, 2022 Download our Mobile App: Download our Mobile App: Housing News Rates Aside, MBA Sees Job Numbers as Positive for Housing Market Mortgage application volume fell again last week, but the declines were small compared to the double-digit declines in all indices during the week ended September 30. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure o... (read more) MBS Commentary Fully Free to Focus on CPI After Tuesday's Uneventful Data and Events Fully Free to Focus on CPI After Tuesday's Uneventful Data and Events Bonds shrugged off this morning's PPI data, not that it's typically much of a market mover anyway. In this case, while the headline ... (read more) Mortgage Rate Watch Mortgage Rates Recover Modestly After Starting Higher Mortgage rates ended the day at slightly lower levels compared to the close of business yesterday. That's the first time rates have fallen day-over-day since October 4th, and it almost didn't happen. The average lender was offering slightly hi... (read more) Rob Chrisman Correspondent and Broker, MSR and Servicing Products; Wholesale and TPO; Inflation Update Borrowers will bear the brunt of this, but rumors from several sources have Fair Isaac planning on giving most residential lenders an early Christmas “present,” effective 12/26, of higher fees for mortgage work incorporated into a new tier system. (T... (read more) Mortgage Rates Mortgage Rates Recover Modestly After Starting Higher 30 Yr. Fixed Rate 7.05% -0.09% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.05% -0.09 0.00 15 Yr. Fixed 6.30% -0.07 0.00 30 Yr. FHA 6.62% -0.03 0.00 30 Yr. Jumbo 6.05% -0.06 0.00 5/1 ARM 6.40% -0.05 0.00 30 Yr. VA 6.68% -0.03 0.00 Updates Daily - Last Update: 10/12 15 Yr. Fixed Rate 6.30% -0.07% Rate Change Points Freddie Mac 30 Yr. Fixed 6.66% -0.04 0.80 15 Yr. Fixed 5.90% -0.06 1.00 5/1 Yr. ARM 5.36% +0.06 0.30 Updates Weekly - Last Update: 10/6 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.81% +0.06 0.97 15 Yr. Fixed 6.12% +0.16 1.30 30 Yr. Jumbo 6.25% +0.11 0.61 Updates Weekly - Last Update: 10/12 MBS / Treasuries Fully Free to Focus on CPI After Tuesday's Uneventful Data and Events UMBS 30YR 5.0 96.66 +0.17 Price / Yield Change MBS UMBS 5.0 96.66 +0.17 UMBS 5.5 98.69 +0.12 GNMA 5.0 97.52 +0.13 GNMA 5.5 99.50 -0.03 Pricing as of: 10/12 5:41PM EST 10 Year US Treasury 3.9023 -0.0427 Price / Yield Change US Treasury 2 YR Treasury 4.295 -0.019 5 YR Treasury 4.121 -0.051 7 YR Treasury 4.036 -0.047 10 YR Treasury 3.902 -0.043 30 YR Treasury 3.884 -0.034 Pricing as of: 10/12 5:41PM EST Latest Video We are nearing a bottom in the real estate market, says Black Knight's Wald... Fed minutes: Central bank plans to continue tightening despite slowing labo... The Fed's September minutes fail to address challenges to financial stabili... The 2pm Bond Report - October 12, 2022 Around the Web CNBC Fed officials expect higher rates to stay in place, meeting minutes show CNBC Consumer inflation expected to have run hot in September, boosted by rent CNBC It's bad enough mortgage rates are over 7% now it's harder to qualify for a home loan CNBC Demand for riskier home loans is high as interest rates soar CNBC Wholesale prices rose 0.4% in September, more than expected as inflation persists Calculated Risk Blog 2nd Look at Local Housing Markets in September Eye on Housing Building Materials Prices Decline in September Brookings Inst. Takeaways from Ben Bernankes press conference on Nobel Prize in economics award reuters Bank of England's Bailey tells pension funds they have 3 days to rebalance Reuters Euro zone industry output rose in August much faster than expected Reuters UK borrowing costs rise again as BoE sticks to bond plan deadline CNBC IMF welcomes UK's fast-tracked budget plan, urges government to work with Bank of England CNBC British pound whipsaws after mixed messages from the Bank of England

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