The volume of mortgage applications fell during the last week of June as compared to the prior week which had contained an adjustment to account for the Juneteenth holiday. The Mortgage Bankers Association (MBA) reported a decline of 4.4 percent in its seasonally adjusted Market Composite Index. The change ended a three-week streak of volume gains. On an unadjusted basis, however, that index did move 6.0 percent higher. The Refinance Index decreased 4 percent from the previous week and was 30 percent lower than the same week one year ago. The refinance share of applications ticked up to 27.4 percent from 27.2 percent. [refiappschart] The seasonally adjusted Purchase Index declined 5.0 percent but was 6.0 percent higher before adjustment. Applications were down 22 percent from the same week in 2022. [purchaseappschart] “Mortgage applications fell to their lowest level in a month last week as rates for most loan types increased. As mortgage-Treasury spreads remained wide, the 30-year fixed rate increased to 6.85 percent, the highest rate since the end of May,” according to Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Purchase applications decreased for the first time in a month, as homebuyers remained sensitive to rate changes. Rates are still over a percentage point higher than a year ago, and housing affordability is still a challenge in many parts of the country. However, the average loan size for a purchase application declined to $423,500 – its lowest level since January 2023. This was likely driven by reduced purchase activity in some high-price markets and more activity in some of the lower price tiers as buyers searched for more affordable options.”
| Housing News | | Mortgage App Volume Hindered by Rising Rates | | The volume of mortgage applications fell during the last week of June as compared to the prior week which had contained an adjustment to account for the Juneteenth holiday. The Mortgage Bankers Association (MBA) reported a decline of 4.4 percent in ... (read more) |
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| Mortgage Rate Watch | | Highest Mortgage Rates Since November | | It seems like just last week (because it was) we were commenting on the extreme LACK of volatility in the mortgage rate landscape. Starting last Thursday, things have changed quickly, and today was the worst of the bunch. As is often the case,... (read more) |
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| MBS Commentary | | Bonds Crushed by Stronger Econ Data | | We already know that bonds are especially sensitive to economic data right now, and we knew that today offered an uncommonly condensed schedule with several big ticket market movers arriving on the same day. We even suspected that yesterday's s... (read more) |
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| 30 Yr. Fixed Rate | | 7.22% +0.14% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 7.22% | +0.14 | 0.00 | | 15 Yr. Fixed | 6.65% | +0.20 | 0.00 | | 30 Yr. FHA | 7.00% | +0.10 | 0.00 | | 30 Yr. Jumbo | 6.98% | +0.05 | 0.00 | | 5/1 ARM | 7.02% | +0.07 | 0.00 | | 30 Yr. VA | 7.00% | +0.08 | 0.00 | | Updates Daily - Last Update: 7/6 |
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| 15 Yr. Fixed Rate | | 6.65% +0.20% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 6.81% | +0.10 | 0.00 | | 15 Yr. Fixed | 6.24% | +0.18 | 0.00 | | Updates Weekly - Last Update: 7/6 |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.75% | +0.02 | 0.64 | | 15 Yr. Fixed | 6.23% | -0.03 | 0.69 | | 30 Yr. Jumbo | 6.91% | +0.11 | 0.69 | | Updates Weekly - Last Update: 6/28 |
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| Price / Yield | Change |
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| MBS | | UMBS 5.5 | 98.23 | -0.23 | | UMBS 6.0 | 99.75 | -0.28 | | GNMA 5.5 | 98.28 | -0.23 | | GNMA 6.0 | 99.73 | -0.27 | | Pricing as of: 7/7 10:05AM EST |
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| 10 Year US Treasury | | 4.0620 +0.0310 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 5.007 | +0.018 | | 5 YR Treasury | 4.392 | +0.042 | | 7 YR Treasury | 4.246 | +0.043 | | 10 YR Treasury | 4.062 | +0.031 | | 30 YR Treasury | 4.011 | +0.012 | | Pricing as of: 7/7 10:05AM EST |
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