First-Time Homebuyers are Shoring up Market

Interest rates, along with the distraction of a three-day weekend, further slowed the mortgage market last week. Tho Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of mortgage loan application volume, decreased 5.2 percent on a seasonally adjusted basis from one week earlier and 16.0 percent compared with the previous week. The results include an adjustment for the Memorial Day holiday. The Refinance Index decreased 7.0 percent and was 5.0 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 31.1 percent of total applications from 31.3 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 4.0 percent from one week earlier. The unadjusted Purchase Index was also down 16.0 percent compared with the previous week and 13.0 percent lower than the same week one year ago.+ [purchaseappschart] “Mortgage rates moved slightly higher last week, with the 30-year conforming rate reaching 7.07 percent – its highest level since early May – despite incoming data indicating somewhat slower economic growth,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “After adjusting for the Memorial Day holiday, both purchase and refinance application volumes were down, with purchase activity specifically 13 percent below last year’s level.” Added Fratantoni, “Government purchase volume was down less, helped by growth in VA applications. The market is relying on first-time homebuyer demand, and many first-time buyers do use government lending programs.”

June 5, 2024 Download our Mobile App: Download our Mobile App: Housing News First-Time Homebuyers are Shoring up Market Interest rates, along with the distraction of a three-day weekend, further slowed the mortgage market last week. Tho Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of mortgage loan application volume, decreased ... (read more) MBS Commentary Counterintuitive Reaction to Data, But We're Not Upset Counterintuitive Reaction to Data, But We're Not Upset The bond market did not stick to its usual script today. An important piece of economic data (ISM Services PMI) came out above the median forecast ... (read more) Mortgage Rate Watch Mortgage Rates Improve Again, Despite Headwinds From Economic Data The phrase "data dependent" is ingrained in the current bond market psychology for good reason. Weaker trends in economic data will reliably cause the Fed to cut rates when the time comes. This is particularly true for inflation-related d... (read more) Rob Chrisman Correspondent And Broker Products; Attorney's Thoughts On CFPB Nonbank Registry I head to San Diego today, home to an estimated 300-500,000 roaming feral cats! Cat fans are quick to point out that the word "homeowner" has the word "meow" in it. (Try pronouncing it with the "meow" in there.) My cat Myrtle will never be herded, li... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.03% -0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.03% -0.04 0.00 15 Yr. Fixed 6.55% -0.07 0.00 30 Yr. FHA 6.55% -0.07 0.00 30 Yr. Jumbo 7.31% -0.06 0.00 7/6 SOFR ARM 7.15% -0.07 0.00 30 Yr. VA 6.57% -0.08 0.00 Updates Daily - Last Update: 6/5 15 Yr. Fixed Rate 6.55% -0.07% Rate Change Points Freddie Mac 30 Yr. Fixed 7.03% +0.09 0.00 15 Yr. Fixed 6.36% +0.12 0.00 Updates Weekly - Last Update: 5/30 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.05% +0.04 0.63 15 Yr. Fixed 6.66% +0.24 0.69 30 Yr. Jumbo 7.22% +0.04 0.43 Updates Weekly - Last Update: 5/29 MBS / Treasuries UMBS 30YR 6.0 100.75 +0.18 Price / Yield Change MBS UMBS 6.0 100.75 +0.18 UMBS 6.5 102.09 +0.15 GNMA 6.0 100.91 +0.12 GNMA 6.5 101.70 +0.03 Pricing as of: 6/5 5:31PM EST 10 Year US Treasury 4.2813 -0.0461 Price / Yield Change US Treasury 2 YR Treasury 4.725 -0.053 5 YR Treasury 4.299 -0.047 7 YR Treasury 4.285 -0.045 10 YR Treasury 4.281 -0.046 30 YR Treasury 4.433 -0.042 Pricing as of: 6/5 5:31PM EST Latest Video Mortgage demand pulls back as rates rise Housing is an area of concern for the economy, says David Waddell Private payrolls growth slows to 152,000 in May, much less than expected, A... ISM non-manufacturing PMI widely beats expectations, best level since Augus... Around the Web Marketwatch Plummeting oil, diesel, and copper prices signal economic stress. Heres why CNBC Private payrolls growth slows to 152,000 in May, much less than expected, ADP says Marketwatch Inflation isnt likely to come down to Feds 2% target, two prominent economists say Marketwatch U.S. services sector bounces back in May, ISM says Marketwatch Bond yields are falling. This time, it's not being treated as good news CNBC Job openings fell again in April, hitting lowest level since February 2021 in a sign of labor market weakening CNBC European Central Bank set to cut rates for the first time since 2019 CNBC Oil prices rise but hover near four-month low on OPEC+ supply increase later this year CNBC Job market is still strong but has 'gotten competitive' for applicants, economist says Calculated Risk Blog Update: Lumber Prices Down Slightly YoY S&P Global S&P Services PMI Unrevised From Initial Reading Marketwatch U.S. factory orders rise for third straight month in April Calculated Risk Blog Asking Rents Mostly Unchanged Year-over-year

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