The volume of mortgage application activity for both refinancing and purchasing fell again last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 5.7 percent on a seasonally adjusted basis during the week ended February 24 and was 4 percent lower on an unadjusted basis. The Refinance Index was down 6 percent compared to the previous week and was 74 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 31.8 percent of total applications from 32.5 percent during the prior period. [refiappschart] The seasonally adjusted Purchase Index also suffered a 6 percent loss. The unadjusted version was down 3 percent week-over-week and 44 percent below its pace in the same week of 2022. [purchaseappschart] MBA spokesperson Joel Kan, vice president and chief economist, said, “The 30-year fixed rate increased to 6.71 percent last week, the highest rate since November 2022, which drove a 6 percent drop in applications. After a brief revival in application activity in January when mortgage rates dropped down to 6.2 percent, there has now been three straight weeks of declines in applications as mortgage rates have jumped 50 basis points over the past month. “Data on inflation, employment, and economic activity have signaled that inflation may not be cooling as quickly as anticipated, which continues to put upward pressure on rates.”
| Housing News | | MBA: Rates Continue to “Crimp” Affordability | | The volume of mortgage application activity for both refinancing and purchasing fell again last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 5.7 percent on a seasonally adju... (read more) |
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| Mortgage Rate Watch | | Mortgage Rates Rise to 4-Month Highs | | If you want to see higher 30yr fixed mortgage rates, you'd have to go back to November 9th, 2022 after today. To be fair, that's been true on several occasions recently as rates jumped somewhat abruptly in response to February's economic data. ... (read more) |
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| MBS Commentary | | Resilience Threatened by Data at Home and Abroad | | "Resilience" has been the theme of the past several trading days as 10yr yields have held the ceiling at 3.98%. That ceiling is now facing its most legitimate threats after several economic reports suggest persistent price pressures. This... (read more) |
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| 30 Yr. Fixed Rate | | 6.94% +0.09% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 6.94% | +0.09 | 0.00 | | 15 Yr. Fixed | 6.35% | +0.10 | 0.00 | | 30 Yr. FHA | 6.37% | +0.04 | 0.00 | | 30 Yr. Jumbo | 6.45% | +0.05 | 0.00 | | 5/1 ARM | 6.52% | -0.01 | 0.00 | | 30 Yr. VA | 6.39% | +0.04 | 0.00 | | Updates Daily - Last Update: 3/1 |
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| 15 Yr. Fixed Rate | | 6.35% +0.10% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 6.50% | +0.18 | 0.00 | | 15 Yr. Fixed | 5.76% | +0.25 | 0.00 | | Updates Weekly - Last Update: 2/23 |
| Rate | Change | Points |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.71% | +0.09 | 0.77 | | 15 Yr. Fixed | 6.13% | +0.15 | 0.93 | | 30 Yr. Jumbo | 6.44% | 0.00 | 0.49 | | Updates Weekly - Last Update: 3/1 |
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| Price / Yield | Change |
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| MBS | | UMBS 5.0 | 97.75 | -0.36 | | UMBS 5.5 | 99.38 | -0.28 | | GNMA 5.0 | 98.48 | -0.23 | | GNMA 5.5 | 100.00 | -0.20 | | Pricing as of: 3/1 5:31PM EST |
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| 10 Year US Treasury | | 3.9964 +0.0686 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 4.881 | +0.063 | | 5 YR Treasury | 4.259 | +0.074 | | 7 YR Treasury | 4.166 | +0.078 | | 10 YR Treasury | 3.996 | +0.069 | | 30 YR Treasury | 3.956 | +0.033 | | Pricing as of: 3/1 5:31PM EST |
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