Refinancing Volume Highest in Nearly Two Years

Mortgage application activity staged a moderately strong recovery from the previous holiday-shortened week, although the recovery was attributable solely to the refinance side of the business. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, increased 3.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was up 30 percent. The Refinance Index surged by 15.0 percent compared to the previous week and was 37 percent higher than the same week one year ago. The refinance share of mortgage activity jumped to 38.8 percent of total applications from 34.9 percent and was the largest since mid-December 2023. [refiappschart] Purchasing on the other hand declined 3.0 percent after seasonal adjustment although it was up 22 percent before it. The Purchase Index was 14 percent lower than during the same week one year ago. [purchaseappschart] “Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower. The 30-year fixed rate declined to 6.87 percent, the lowest rate since March 2024,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Application activity was up 4 percent, driven by a 15 percent jump in refinances to the highest level since August 2022. While FHA and VA refinance applications accounted for a significant share of the increase, these are likely recently originated loans with even higher than current offered rates. Even with last week’s rate decline, purchase applications continue to lag, down 14 percent compared to last year’s pace.”

July 17, 2024 Download our Mobile App: Download our Mobile App: Housing News Refinancing Volume Highest in Nearly Two Years Mortgage application activity staged a moderately strong recovery from the previous holiday-shortened week, although the recovery was attributable solely to the refinance side of the business. The Mortgage Bankers Association (MBA) said its Market ... (read more) Mortgage Rate Watch Mortgage Rates Holding Near 5 Month Lows Despite an active calendar of events that had the potential to cause volatility, average mortgage rates managed to remain unchanged in the morning and to move slightly lower in the afternoon. Last Thursday's inflation data helped 30yr fixed rat... (read more) MBS Commentary Uneventful Start And an Uneventful Calendar Just because an economic calendar is full doesn't mean it's of any major importance to the bond market. Today fits the bill with the two economic headliners being Housing Starts and Industrial Production. Both have already come and gone w... (read more) Rob Chrisman DSCR, Digital Point of Sale, AVM, Branding, Processing Tools, Events and Training Is anyone else seeing those sensational, “yellow journalistic” headlines saying that real estate is plummeting? Think again. The American Enterprise Institute’s (AEI) latest housing market analysis echoes what NAR’s numbers show, Case-Shiller’s numbe... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.83% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.83% -0.01 0.00 15 Yr. Fixed 6.32% +0.02 0.00 30 Yr. FHA 6.29% +0.01 0.00 30 Yr. Jumbo 7.05% 0.00 0.00 7/6 SOFR ARM 6.59% -0.01 0.00 30 Yr. VA 6.30% 0.00 0.00 Updates Daily - Last Update: 7/17 15 Yr. Fixed Rate 6.32% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.89% -0.06 0.00 15 Yr. Fixed 6.17% -0.08 0.00 Updates Weekly - Last Update: 7/11 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.00% -0.03 0.60 15 Yr. Fixed 6.63% +0.07 0.61 30 Yr. Jumbo 7.13% +0.02 0.38 Updates Weekly - Last Update: 7/10 MBS / Treasuries UMBS 30YR 5.5 99.74 -0.06 Price / Yield Change MBS UMBS 5.5 99.74 -0.06 UMBS 6.0 101.11 +0.01 GNMA 5.5 99.95 -0.10 GNMA 6.0 100.93 +0.06 Pricing as of: 7/17 5:31PM EST 10 Year US Treasury 4.1566 -0.0025 Price / Yield Change US Treasury 2 YR Treasury 4.440 +0.023 5 YR Treasury 4.080 +0.005 7 YR Treasury 4.097 +0.001 10 YR Treasury 4.157 -0.003 30 YR Treasury 4.372 -0.001 Pricing as of: 7/17 5:31PM EST Latest Video Former Wells Fargo CEO on the future of rates and regulations Mohtashami: Too early for lower rates to feed into the housing market High interest rates and home prices take a toll on foreign investment in U.... Fed's Beige Book sees slowing growth, consumers adjusting for inflation Around the Web Marketwatch Foreign buyers are fleeing the U.S. housing market, with sales at a record low Marketwatch Feds Barkin wants to move deliberately on interest rates Marketwatch 5 of 12 Fed districts report flat or declining economic activity, Feds Beige Book finds CNBC Fed Governor Waller sees central bank 'getting closer' to an interest rate cut Eye on Housing Single-Family Starts Weaken in June CNBC Here are 6 buying categories cheaper today than they were before the pandemic CNBC These are America's 10 best states for buying and selling a home in 2024, with a big caveat at No. 1 Marketwatch Traders pivot back to multiple rate-cut view, reviving one of 2024s biggest trading themes Calculated Risk Blog 3rd Look at Local Housing Markets in June Calculated Risk Blog Housing Starts Increased to 1.353 million Annual Rate in June Calculated Risk Blog Industrial Production Increased 0.6% in June CNBC Treasury yields hold steady as investors weigh state of economy CNBC UK inflation holds steady at Bank of England's 2% target, above expectations

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