A powerful hurricane and an approaching three-day weekend may have offset the impact of an improvement in interest rates during the week ended September 1. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, failed to extend its first increase since mid-July into a second week. The Index decreased 2.9 percent on a seasonally adjusted basis and 5.0 percent before adjustment. The Refinance Index decreased 5 percent from the previous week and was 30 percent lower than the same week one year ago. The refinance share of mortgage activity dipped to 30.0 percent of total applications from 30.1 percent. [refiappschart] The Purchase Index was down 2.0 percent and 5.0 percent on seasonally adjusted and unadjusted bases compared to the previous week. It was 28 percent lower than the same week one year ago. [purchaseappschart] “Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates. Both purchase and refinance applications fell, with the purchase index hitting a 28-year low, as prospective buyers remain on the sidelines due to low housing inventory and elevated mortgage rates,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30-year fixed mortgage rate decreased to 7.21 percent last week, but rates remained more than a full percentage point higher than a year ago, despite mixed data on the health of the economy and signs of a cooling job market. The refinance index dropped to its lowest level since January 2023, driven by a 6 percent decline in conventional refinances.”
| Housing News | | Mortgage Application Activity Hits 28-Year Lows | | A powerful hurricane and an approaching three-day weekend may have offset the impact of an improvement in interest rates during the week ended September 1. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage ... (read more) |
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| Mortgage Rate Watch | | Highest Mortgage Rates in More Than a Week | | If you're at all tuned in to economic and financial news, you've probably heard the the phrase "data dependent" more than a few times recently. It refers to the outlook for the Fed's monetary policy and interest rates in general. If the d... (read more) |
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| MBS Commentary | | Straightforward sell-off | | Straightforward sell-off Bonds managed to begin the day sideways to slightly stronger, although the strength was more apparent in the longer end of the yield curve. Perhaps market participants could sen... (read more) |
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| 30 Yr. Fixed Rate | | 7.33% +0.12% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 7.33% | +0.12 | 0.00 | | 15 Yr. Fixed | 6.70% | +0.12 | 0.00 | | 30 Yr. FHA | 6.82% | +0.04 | 0.00 | | 30 Yr. Jumbo | 7.35% | +0.05 | 0.00 | | 5/1 ARM | 7.05% | +0.05 | 0.00 | | 30 Yr. VA | 6.85% | +0.08 | 0.00 | | Updates Daily - Last Update: 9/6 |
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| 15 Yr. Fixed Rate | | 6.70% +0.12% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 7.18% | -0.05 | 0.00 | | 15 Yr. Fixed | 6.55% | 0.00 | 0.00 | | Updates Weekly - Last Update: 8/31 |
| Rate | Change | Points |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 7.16% | +0.07 | 0.68 | | 15 Yr. Fixed | 6.57% | +0.06 | 0.94 | | 30 Yr. Jumbo | 7.11% | +0.07 | 0.55 | | Updates Weekly - Last Update: 8/16 |
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| Price / Yield | Change |
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| MBS | | UMBS 6.0 | 99.58 | -0.17 | | GNMA 6.0 | 99.81 | -0.11 | | Pricing as of: 9/6 5:31PM EST |
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| 10 Year US Treasury | | 4.2960 +0.0320 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 5.025 | +0.063 | | 5 YR Treasury | 4.440 | +0.062 | | 7 YR Treasury | 4.392 | +0.045 | | 10 YR Treasury | 4.296 | +0.032 | | 30 YR Treasury | 4.367 | -0.007 | | Pricing as of: 9/6 5:31PM EST |
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