Big Bounce in Refi Demand Thanks to Lower Rates

As we noted last week, the timing of the improvements in mortgage rates meant that the previous survey of mortgage applications from the MBA was unable to capture what would likely prove to be a fairly big uptick in refinance demand. This week's data confirmed it as the refi index jumped to the best levels since October. Unsurprisingly, this coincided with rate moving back to the range seen in mid-October, although it is somewhat surprising that we didn't see a better spike in refi demand in early December when rates were in the same zone. As has been and continues to be the case, we're taking victories where we find them. Refi demand is operating on an entirely different scale than in the past (when a rate rally meant that far more homeowners would benefit from refinancing). Purchase demand is always less influenced by short term rate fluctuations. This week was no exception with MBA's purchase holding almost perfectly steady and continuing to operate in the same broadly sideways range that's been intact for 2 years.

March 7, 2025 Download our Mobile App: Download our Mobile App: Housing News Big Bounce in Refi Demand Thanks to Lower Rates As we noted last week, the timing of the improvements in mortgage rates meant that the previous survey of mortgage applications from the MBA was unable to capture what would likely prove to be a fairly big uptick in refinance demand. This week'... (read more) MBS Commentary Bonds Give Up AM Gains After Powell Speech Bonds Give Up AM Gains After Powell Speech Bonds made it through the jobs report in good shape with modest gains intact heading into the PM hours. Things changed after that, with the most obvious turning poin... (read more) Mortgage Rate Watch Mortgage Rates Back Near Yesterday's Levels After Starting Out Lower The average mortgage lender was briefly able to offer noticeably lower rates this morning compared to yesterday's latest levels. Credit goes to this morning's jobs report for coming in a bit weaker than expected. What do jobs have to do with rates? ... (read more) Rob Chrisman Construction Appraisal, Verification, HELOC Products; Webcasts and Training; Jobs Data as Expected “If you boil a funny bone, it becomes a laughingstock. Now that's humerus.” What isn’t humer…, uh humorous, is a) most states losing an hour Sunday morning, and b) why rates are going down. The word “stagflation” is creeping into analyst’s missives. ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.79% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.79% 0.00 0.00 15 Yr. Fixed 6.20% -0.01 0.00 30 Yr. FHA 6.17% -0.02 0.00 30 Yr. Jumbo 6.99% -0.01 0.00 7/6 SOFR ARM 6.35% -0.04 0.00 30 Yr. VA 6.20% -0.02 0.00 Updates Daily - Last Update: 3/7 15 Yr. Fixed Rate 6.20% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.63% -0.13 0.00 15 Yr. Fixed 5.79% -0.15 0.00 Updates Weekly - Last Update: 3/6 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.93% -0.02 0.66 15 Yr. Fixed 6.31% -0.04 0.70 30 Yr. Jumbo 7.03% +0.07 0.53 Updates Weekly - Last Update: 2/19 MBS / Treasuries UMBS 30YR 5.5 99.77 -0.11 Price / Yield Change MBS UMBS 5.5 99.77 -0.11 UMBS 6.0 101.48 -0.05 GNMA 5.5 99.99 -0.09 GNMA 6.0 101.31 -0.07 Pricing as of: 3/7 5:31PM EST 10 Year US Treasury 4.3064 +0.0347 Price / Yield Change US Treasury 2 YR Treasury 4.001 +0.038 5 YR Treasury 4.087 +0.036 7 YR Treasury 4.202 +0.034 10 YR Treasury 4.306 +0.035 30 YR Treasury 4.602 +0.011 Pricing as of: 3/7 5:31PM EST Latest Video FHA loan delinquency rate rises to 11.3% as overall mortgage landscape rema... Roger Ferguson on February jobs report: A 'so far, so good' relief kind of ... Fed chair Powell: Fed waiting for 'greater clarity' on Trump policies befor... U.S. payroll growth totals 151,000 in February, less than expected Around the Web Federal Reserve Economic Outlook - Chair Jerome H. Powell CNBC Powell says Fed is awaiting 'greater clarity' on Trump policies before making next move on rates CNBC U.S. payroll growth totals 151,000 in February, less than expected CNBC Heres where the jobs are for February 2025 in one chart Eye on Housing Refinancing Drives Mortgage Activity Higher in February CNBC Treasury Secretary Bessent says economy could be 'starting to roll a little bit' CNBC Watch Fed Chair Powell speak live about the economy and where interest rates go from here Calculated Risk Blog Asking Rents Mostly Unchanged Year-over-year Calculated Risk Blog February Employment Preview Barrons U.S. Foes and Friends Will Face More Pressure, Bessent Says CNBC Treasury yields tick lower as investors await key jobs report Calculated Risk Blog Q1 GDP Tracking: Mid-to-High 1% Range Fannie Mae Consumer Housing Sentiment Down Year over Year for First Time Since 2023

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