Borrowers Pick Up Pace of Refinancing

The interest rate for conforming 30-year fixed-rate mortgages (FRM) again topped 7 percent last week, but mortgage application activity still squeezed out a tiny gain. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 0.1 percent on a seasonally adjusted basis. On an unadjusted basis, the Index increased 0.2 percent compared with the previous week. But that tiny gain was due solely to a 10.0 percent increase in refinancing (plus 4.0 percent year-over-year) while the purchase mortgage level fell 5.0 percent on a seasonally adjusted basis. Refinancing accounted for 33.3 percent of applications during the week compared to 30.3 percent a week earlier. [refiappschart] The non-seasonally adjusted Purchase Index was 4.0 percent lower last week and down 23 percent from its level the same week one year ago. [purchaseappschart] “Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Inflation remains stubbornly above the Fed’s target, and the broader economy continues to show resiliency. Unexpectedly strong employment data released last week further added to the upward pressure on rates,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30-year fixed rate increased to 7.01 percent, the highest in over a month. Purchase applications were down almost five percent to the lowest level since the end of February, but refinance applications were up 10 percent, driven particularly by VA refinance applications.”

April 10, 2024 Download our Mobile App: Download our Mobile App: Housing News Borrowers Pick Up Pace of Refinancing The interest rate for conforming 30-year fixed-rate mortgages (FRM) again topped 7 percent last week, but mortgage application activity still squeezed out a tiny gain. The Mortgage Bankers Association (MBA) said its Market Composite Index, a me... (read more) Mortgage Rate Watch Basically The Worst Day For Mortgage Rates Since October 2022 Mortgage rates surged at a pace seen only one other time since October 2022. The average lender moved up by 0.28%, which is functionally equivalent to the 0.29% seen after the February 2nd jobs report. In fact, today was arguably worse be... (read more) MBS Commentary A Really Bad Day For The Bond Market A Really Bad Day For The Bond Market To reiterate the point made in today's morning commentary, there was a mismatch between the size of the beat in the core inflation data (0.4 vs 0.3) and the size of the mo... (read more) Rob Chrisman DPA, Servicing Oversight, Relationship Mgt., Change Mgt. Products; TPO and Broker News Remember when lenders were fretting about Amazon rolling out a major home loan program? The new acronym that the mortgage industry was about to start using was “WACD” (What Amazon Can’t Do). We reminded ourselves that Amazon couldn’t do is to deliver... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.34% +0.28% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.34% +0.28 0.00 15 Yr. Fixed 6.78% +0.20 0.00 30 Yr. FHA 6.68% +0.13 0.00 30 Yr. Jumbo 7.50% +0.15 0.00 7/6 SOFR ARM 7.08% +0.30 0.00 30 Yr. VA 6.70% +0.14 0.00 Updates Daily - Last Update: 4/10 15 Yr. Fixed Rate 6.78% +0.20% Rate Change Points Freddie Mac 30 Yr. Fixed 6.82% +0.03 0.00 15 Yr. Fixed 6.06% -0.05 0.00 Updates Weekly - Last Update: 4/4 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.01% +0.10 0.59 15 Yr. Fixed 6.46% +0.11 0.60 30 Yr. Jumbo 7.13% +0.07 0.56 Updates Weekly - Last Update: 4/10 MBS / Treasuries UMBS 30YR 5.5 97.88 -1.05 Price / Yield Change MBS UMBS 5.5 97.88 -1.05 UMBS 6.0 99.71 -0.81 GNMA 5.5 98.69 -0.97 GNMA 6.0 100.27 -0.72 Pricing as of: 4/10 5:31PM EST 10 Year US Treasury 4.5425 +0.1779 Price / Yield Change US Treasury 2 YR Treasury 4.968 +0.223 5 YR Treasury 4.602 +0.225 7 YR Treasury 4.582 +0.213 10 YR Treasury 4.543 +0.178 30 YR Treasury 4.622 +0.123 Pricing as of: 4/10 5:31PM EST Latest Video Fed wants more confidence that inflation is moving toward 2% target, meetin... Consumer prices rose 3.5% from a year ago in March, more than expected Homebuilders fall following hot inflation numbers Former Fed Governor Frederic Mishkin on March CPI data: The Fed has to keep... Around the Web CNBC The Fed is determined not to reduce interest rates too soon, experts say a mistake the central bank has made in the past CNBC Fed meeting minutes point to caution on inflation CNBC Consumer prices rose 3.5% from a year ago in March, more than expected CNBC Hot inflation data pushes markets rate cut expectations to September CNBC Buyers of newly built homes can face a property tax surprise. Heres why Marketwatch Will inflation ever go down? Thats what frustrated Americans are asking ahead of March CPI. Calculated Risk Blog An Update on the House Price Battle Royale: Low Inventory vs Affordability CNBC $1 million homes are now 'typical' in a record number of U.S. cities, analysis finds. Heres where they are CNBC Small business optimism hits 11-year low as inflation fears won't go away CNBC 10-year Treasury yield falls as investors await inflation data CNBC Treasury yields hold steady ahead of consumer inflation data Marketwatch European Central Bank to stand pat this week but faster-than-the-Fed rate cuts may hit euro Calculated Risk Blog Moody's: Retail Vacancy Rate Unchanged in Q1

© 2024 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: newsletter@newslettercollector.com. Go here to UNSUBSCRIBE from this email.