Refinancing Volume Responds to Improvement in Rates

The volume of mortgage applications rose fractionally last week as rates edged down and applications for refinancing staged a small comeback. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 0.7 percent on a seasonally adjusted basis from one week earlier although it was down 20 percent from the prior week before adjustment. Applications for refinancing rose 2.0 percent week-over-week but were 80 percent below the level during the same week in 2021. The share of refinance applications ticked up from 29.7 percent of the total received the previous week to 30.3 percent. [refiappschart] The Purchase Index rose 0.1 percent compared to the prior week on an adjusted basis, but the unadjusted index fell 21 percent from a week earlier and 24 percent from the same week last year. [purchaseappschart] “Mortgage rates continue to experience large swings,” according to Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “After increasing 65 basis points during the past three weeks, the 30-year fixed rate declined 14 basis points last week to 5.84 percent. Rates are still significantly higher than they were a year ago, when the 30-year fixed rate was at 3.2 percent. The decline in mortgage rates led to a slight increase in refinancing, driven by an uptick in conventional loans. However, refinances are still 80 percent lower than a year ago and more than 60 percent below the historical average.”

June 29, 2022 Download our Mobile App: Download our Mobile App: Housing News Refinancing Volume Responds to Improvement in Rates The volume of mortgage applications rose fractionally last week as rates edged down and applications for refinancing staged a small comeback. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased ... (read more) Rob Chrisman Margin Improvement, Non-QM, Secondary Tools; FGMC Fallout; California MBA Weighs In; Broker Petition We’re all trying to save a few pennies. We have the increase in postal rates coming soon and perhaps pick up a roll, or ten, of Forever Stamps. It’s not like they have an expiration date, unlike, apparently, lenders. Remember names like AmeriLoan, Co... (read more) Mortgage Rates Mortgage Rates Moderately Higher Despite Bond Market Recovery. 30 Yr. Fixed Rate 5.90% -0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 5.90% -0.05 0.00 15 Yr. Fixed 5.25% -0.05 0.00 30 Yr. FHA 5.32% -0.03 0.00 30 Yr. Jumbo 5.05% -0.05 0.00 5/1 ARM 5.40% 0.00 0.00 30 Yr. VA 5.55% -0.05 0.00 Updates Daily - Last Update: 6/29 15 Yr. Fixed Rate 5.25% -0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 5.78% +0.55 0.90 15 Yr. Fixed 4.81% +0.43 0.90 5/1 Yr. ARM 4.33% +0.21 0.30 Updates Weekly - Last Update: 6/16 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 5.98% +0.33 0.77 15 Yr. Fixed 5.05% +0.26 0.86 30 Yr. Jumbo 5.49% +0.24 0.45 Updates Weekly - Last Update: 6/22 MBS / Treasuries UMBS 30YR 4.5 100.05 +0.41 Price / Yield Change MBS UMBS 4.5 100.05 +0.41 UMBS 5.0 101.81 +0.47 GNMA 4.5 101.13 +0.28 GNMA 5.0 102.23 +0.34 Pricing as of: 6/29 5:21PM EST 10 Year US Treasury 3.0891 -0.0881 Price / Yield Change US Treasury 2 YR Treasury 3.041 -0.071 5 YR Treasury 3.140 -0.095 7 YR Treasury 3.160 -0.093 10 YR Treasury 3.089 -0.088 30 YR Treasury 3.215 -0.069 Pricing as of: 6/29 5:21PM EST Latest Video U.S. GDP drops 1.6% vs. prior 1.5% decline Fed may need other methods to curb inflation, says former Fed Governor Mish... The 2pm Bond Report - June 29, 2022 The 9am Bond Report: June 29, 2022 Around the Web Calculated Risk Blog Worst Housing Affordability" since 1991 excluding Bubble; Real House Prices and Price-to-Rent Ratio in April Calculated Risk Blog Update: Framing Lumber Prices Down 21% Year-over-year; Still up Sharply from Pre-pandemic Levels CNBC Here are 3 ways to deal with inflation, rising rates and your credit CNBC Powell vows to prevent inflation from taking long-run hold in the U.S. CNBC Rising interest rates have cost the typical homebuyer up to $165,000 in purchasing power since last year CNBC Watch Fed Chair Powell talk live about the economy, interest rates at ECB forum Calculated Risk Blog Comments on April Case-Shiller and FHFA House Price Increases CNBC Home price increases slowed for the first time in months in April, says S&P Case-Shiller CNBC Feds Mester backs 75 basis point hike in July if conditions remain the same cnbc New York Fed President John Williams says a U.S. recession is not his base case CNBC Treasury yields fall as traders track economic data, Fed remarks Reuters Oil extends gains as major producers flag capacity limits Reuters Euro zone yields jump, Italian-German spread tightens after ECB remarks

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