Mortgage App Volume Declines Across the Board

The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, fell back for the first time in three weeks during the week ended Aril 19 as interest rates continued to rise. The Index declined 2.7 percent on a seasonally adjusted basis from one week earlier and was 2.0 percent lower before adjustment. The Refinance Index decreased 6.0 percent from the previous week and was 3.0 percent higher than the same week in 2023. The refinance share of applications was also down, declining to 30.8 percent from 32.1 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 1.0 percent, the fifth decline in the last six weeks. The unadjusted Purchase Index did increase fractionally but was 15 percent lower than during the same week one year ago. [purchaseappschart] “Mortgage rates continued to move higher last week, reaching their highest levels since late 2023 and putting a damper on applications activity. The 30-year fixed rate increased for the third consecutive week to 7.24 percent, the highest since November 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Purchase applications declined, as home buyers delayed their purchase decisions due to strained affordability and low supply. T he ARM share of applications increased to 7.6 percent, consistent with the upward trend in rates, as buyers look to reduce their potential monthly payments.”

April 24, 2024 Download our Mobile App: Download our Mobile App: Housing News Mortgage App Volume Declines Across the Board The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, fell back for the first time in three weeks during the week ended Aril 19 as interest rates continued to rise. The Index decl... (read more) Mortgage Rate Watch Mortgage Rates Pleasantly Stable Despite Some Bond Market Weakness The average mortgage lender was able to offer conventional 30yr fixed rates that were very close to yesterday's levels despite bond market movement that suggested a bigger spike. In a vast majority of cases, if the bond market is in weaker terr... (read more) MBS Commentary The Other Side of Sideways The bond market has been decidedly more sideways after hitting longer-term yield highs last Tuesday. 10yr Treasuries have been a relatively narrow range since then, mostly respecting a ceiling of 4.65 and a floor of 4.57. The first two da... (read more) Rob Chrisman Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week Sometimes you just have to “risk it for the biscuit.” Capital markets are, for the most part, a little more complicated than, say, a recipe for next level dark chocolate brownies with salted caramel. Occasionally the topic of LOs or brokers being abl... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.39% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.39% +0.01 0.00 15 Yr. Fixed 6.83% +0.01 0.00 30 Yr. FHA 6.87% +0.01 0.00 30 Yr. Jumbo 7.58% 0.00 0.00 7/6 SOFR ARM 7.40% 0.00 0.00 30 Yr. VA 6.89% +0.01 0.00 Updates Daily - Last Update: 4/24 15 Yr. Fixed Rate 6.83% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 7.10% +0.22 0.00 15 Yr. Fixed 6.39% +0.23 0.00 Updates Weekly - Last Update: 4/18 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.24% +0.11 0.66 15 Yr. Fixed 6.75% +0.11 0.64 30 Yr. Jumbo 7.45% +0.05 0.56 Updates Weekly - Last Update: 4/24 MBS / Treasuries UMBS 30YR 6.0 99.44 -0.17 Price / Yield Change MBS UMBS 6.0 99.44 -0.17 UMBS 6.5 101.15 -0.14 GNMA 6.0 100.26 -0.15 GNMA 6.5 101.32 -0.10 Pricing as of: 4/24 5:31PM EST 10 Year US Treasury 4.6453 +0.0439 Price / Yield Change US Treasury 2 YR Treasury 4.930 +0.006 5 YR Treasury 4.658 +0.028 7 YR Treasury 4.660 +0.037 10 YR Treasury 4.645 +0.044 30 YR Treasury 4.778 +0.048 Pricing as of: 4/24 5:31PM EST Latest Video July looks too early for rate cuts and September may be too, says TIAA's Ne... The market is recovering from a 'pseudo-recession', says Stifel's Barry Ban... Former Dallas Fed President: Services, particularly labor, is ground zero f... PulteGroup CEO: New traffic into sales offices have moderated in reaction t... Around the Web Eye on Housing All-Cash Sales Dropped to Lowest in 3 Years Marketwatch GDP set to top 2% again, extending hot streak for U.S. economy Calculated Risk Blog Final Look at Local Housing Markets in March CNBC Treasury yields rise as investors weigh economic outlook Marketwatch Durable-goods orders get boost from autos and planes, but most manufacturers tread water Marketwatch The U.S. Treasury is about to make a move designed to make the bond market more resilient Marketwatch 'Extraordinary' U.S. government debt may mean prolonged bond-market volatility Calculated Risk Blog New Home Sales Increase to 693,000 Annual Rate in March Marketwatch Pulte's stock rises premarket as home builder cites housing shortage boost CNBC UAE central bank asks lenders to defer loan repayments for six months to help flood-hit residents Calculated Risk Blog AIA: "Architecture firm billings retreat further in March"; Multi-family Billings Decline for 20th Consecutive Month Reuters ECB should be very cautious about post-June rate cuts, de Guindos says Reuters Euro Zone Business in Services-Led Bounce in April, PMI Survey Shows

© 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.