Weekly Mortgage Apps Drift Lower

Rising rates and sparse inventories continue to hamper the mortgage market. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis during the week ended May 26 and was down 5.0 percent on an unadjusted basis. It was the third straight week of slowing activity. The Refinance Index decreased 7 percent from the previous week and was 45 percent lower than the same week in 2022. The refinance share of mortgage activity decreased to 26.7 percent of total applications from 27.4 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index was down 3 percent compared to the prior week and 4 percent before adjustment. The index was 31 percent lower than the same week one year ago. [purchaseappschart] “Inflation is still running too high, and recent economic data is beginning to convince investors that the Federal Reserve will not be cutting rates anytime soon. Mortgage rates for conforming balance 30-year loans were being quoted above 7 percent by some lenders last week, and the weekly average at 6.9 percent reached the highest level since last November,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “ Application volumes for both purchase and refinance loans decreased last week due to these higher rates. While refinance demand is almost entirely driven by the level of rates, purchase volume continues to be constrained by the lack of homes on the market.”

May 31, 2023 Download our Mobile App: Download our Mobile App: Housing News Weekly Mortgage Apps Drift Lower Rising rates and sparse inventories continue to hamper the mortgage market. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis d... (read more) Mortgage Rate Watch Mortgage Rates Quickly Down to 2-Week Lows After hitting the highest levels in several months last Friday, mortgage rates have fallen fairly quickly in the new week. As bond markets improved this afternoon, many lenders were able to make mid-day adjustments. That brought the avera... (read more) MBS Commentary Domestic Events Mostly Overshadowed by European Influence Domestic Events Mostly Overshadowed by European Influence While we can trace some of this morning's back and forth market movement to domestic economic data (Chicago PMI helped, JOLTS hurt), it was the Europe... (read more) Rob Chrisman Warehouse, Appraisal, Non-QM, RON Products; Reverse Mortgages: Catch the Wave; Mortgage Apps Continue Decline A biologist, a chemist, and a statistician are out hunting. The biologist shoots at a deer and misses five feet to the left. The chemist takes a shot and misses five feet to the right. The statistician yells, “We got ’em!” Are you selling your house?... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.88% -0.07% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.88% -0.07 0.00 15 Yr. Fixed 6.31% -0.09 0.00 30 Yr. FHA 6.57% -0.03 0.00 30 Yr. Jumbo 6.65% -0.03 0.00 5/1 ARM 6.88% -0.04 0.00 30 Yr. VA 6.55% -0.04 0.00 Updates Daily - Last Update: 5/31 15 Yr. Fixed Rate 6.31% -0.09% Rate Change Points Freddie Mac 30 Yr. Fixed 6.57% +0.18 0.00 15 Yr. Fixed 5.97% +0.22 0.00 Updates Weekly - Last Update: 5/25 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.91% +0.22 0.83 15 Yr. Fixed 6.41% +0.26 0.84 30 Yr. Jumbo 6.78% +0.21 0.76 Updates Weekly - Last Update: 5/31 MBS / Treasuries UMBS 30YR 5.0 98.39 +0.38 Price / Yield Change MBS UMBS 5.0 98.39 +0.38 UMBS 5.5 99.89 +0.39 GNMA 5.0 98.56 +0.39 GNMA 5.5 99.86 +0.41 Pricing as of: 5/31 5:31PM EST 10 Year US Treasury 3.6460 -0.0480 Price / Yield Change US Treasury 2 YR Treasury 4.407 -0.053 5 YR Treasury 3.758 -0.056 7 YR Treasury 3.709 -0.046 10 YR Treasury 3.646 -0.048 30 YR Treasury 3.865 -0.032 Pricing as of: 5/31 5:31PM EST Latest Video Fed Gov. Jefferson: Skipping rate hike at the coming meeting would allow co... Mortgage rates spike in May as demand returns to late February levels Caruso CEO on luxury retail, real estate demand and consumer spending Diversify regional bank stocks to hedge risks, says Potomac Wealth Advisors... Around the Web Eye on Housing Despite Headwinds, Job Openings Rise Reuters In the Market: Amid the calm, the Fed brews the next storm Calculated Risk Blog BLS: Job Openings Increased to 10.1 million in April CNBC Home price declines may be over, S&P Case-Shiller says Calculated Risk Blog Comments on March Case-Shiller and FHFA House Prices CNBC Treasury yields stumble as investors anticipate debt ceiling deal vote Calculated Risk Blog Case-Shiller: National House Price Index increased 0.7% year-over-year increase in March CNBC Treasury yields fall as investors await debt ceiling deal vote Reuters Euro zone bond yields fall after inflation cools in France, Germany CNBC Debt ceiling negotiators close to a deal, with IRS funding in the spotlight Calculated Risk Blog Lawler: Census Finally Releases 2020 Census Demographic Profile and Demographic and Housing Characteristics File Calculated Risk Blog Q2 GDP Tracking: Around 1% to 2% Calculated Risk Blog Personal Income increased 0.4% in April; Spending increased 0.8%

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