Mortgage Application Volume Declines Further, ARM Shares Increase

Mortgage application volume moved lower for the third consecutive time during the week ended October 27 , losing another 2.1 percent on a seasonally adjusted basis. The Mortgage Bankers Association (MBA) reported a 3.0 percent decline in its mortgage volume index on an unadjusted basis. The Refinance Index decreased 4 percent from the previous week and was 12 percent lower than the same week one year ago. The refinance share of mortgage activity dipped to 31.2 percent of total applications from 31.4 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 1.0 percent and 2.0 percent on an unadjusted basis. Purchase activity was 22 percent lower than during the same week in 2022. [purchaseappschart] “Mortgage applications declined for the third straight week as mortgage rates remained elevated, with all rates around 30 basis points higher than they were a month ago. The 30-year fixed rate dipped slightly to 7.86 percent but remained close to 23-year highs and has been above the 7-percent level since early August 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The impact of higher rates continued to be felt across both purchase and refinance markets. Purchase applications decreased to their lowest level since 1995 and refinance applications to the lowest level since January 2023. Applications for government loans saw much larger weekly declines than conventional, with government purchase applications down 3 percent and refinances down 9 percent."

November 1, 2023 Download our Mobile App: Download our Mobile App: Housing News Mortgage Application Volume Declines Further, ARM Shares Increase Mortgage application volume moved lower for the third consecutive time during the week ended October 27 , losing another 2.1 percent on a seasonally adjusted basis. The Mortgage Bankers Association (MBA) reported a 3.0 percent decline in its mortgage... (read more) Mortgage Rate Watch Mortgage Rates Surge Lower After Fed Announcement, But Not Necessarily Because of It Today was "Fed day" and mortgage rates fell quite a bit. So it must have been due to the Fed announcement, right? Not exactly... The Fed helped, but more so by getting out of the way for a bond market that was already rallying.&nb... (read more) MBS Commentary Treasury and Data Provide Friendly Lead-Off For Powell Today's the day where economic data and events ramp up significantly. Not only do we have more events on the calendar, but they're also increasingly important versus the first 2 days of the week. The morning has been good for bonds as a r... (read more) Rob Chrisman Efficiency, CRM, eClosing, Customer-Facing Tools; Lender Innovation Landscape Shifts; STRATMOR's Tech Workshop This morning it’s off to Missoula, Montana, for me to spend some time with the folks at MAMP. (Few states have as many different species of mammals as Montana: nearly 120 out of a total of 490 in the wild in North America.) Going through the airport ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.69% -0.19% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.69% -0.19 0.00 15 Yr. Fixed 7.10% -0.15 0.00 30 Yr. FHA 7.14% -0.17 0.00 30 Yr. Jumbo 7.94% -0.09 0.00 5/1 ARM 7.17% +0.02 0.00 30 Yr. VA 7.16% -0.16 0.00 Updates Daily - Last Update: 11/1 15 Yr. Fixed Rate 7.10% -0.15% Rate Change Points Freddie Mac 30 Yr. Fixed 7.79% +0.16 0.00 15 Yr. Fixed 7.03% +0.11 0.00 Updates Weekly - Last Update: 10/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.86% -0.04 0.73 15 Yr. Fixed 7.14% +0.06 1.22 30 Yr. Jumbo 7.80% +0.02 0.67 Updates Weekly - Last Update: 11/1 MBS / Treasuries UMBS 30YR 6.5 99.97 +0.66 Price / Yield Change MBS UMBS 6.5 99.97 +0.66 UMBS 7.0 101.39 +0.39 GNMA 6.5 100.38 +0.64 GNMA 7.0 101.33 +0.20 Pricing as of: 11/1 5:31PM EST 10 Year US Treasury 4.7610 -0.1650 Price / Yield Change US Treasury 2 YR Treasury 4.956 -0.127 5 YR Treasury 4.676 -0.170 7 YR Treasury 4.753 -0.175 10 YR Treasury 4.761 -0.165 30 YR Treasury 4.949 -0.141 Pricing as of: 11/1 5:31PM EST Latest Video Fed Chair Powell: A few months of good data is only the beginning of our 2%... Fed Chair Powell: The committee isn't considering changing the pace of bala... Fed Chair Powell: FOMC 'not confident at this time we've reached a restrict... Home prices remain steady despite rising mortgage rates Around the Web Eye on Housing Fed Pauses Again: Housing in Focus CNBC Fed holds rates steady, upgrades assessment of economic growth CNBC Treasury details plans to step up size of bond sales to manage growing debt load and higher rates Calculated Risk Blog Inflation Adjusted House Prices 3.1% Below Peak; Price-to-rent index is 7.0% below recent peak CNBC Private sector payrolls rose 113,000 in October, less than expected, ADP says CNBC 10-year Treasury yield rises ahead of Fed rate decision Eye on Housing Homeownership Rate Stays at 66% Calculated Risk Blog ISM Manufacturing index Decreased to 46.7% in October CNBC Before the Fed decision, all eyes will be on this big Treasury debt announcement Wednesday Eye on Housing September Private Residential Construction Spending Inches Up Calculated Risk Blog Construction Spending Increased 0.4% in September Calculated Risk Blog HVS: Q3 2023 Homeownership and Vacancy Rates; Rental Vacancy Rates Increased CNBC Bank of England set to hold rates again, but markets see no cuts on the horizon

© 2023 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [email protected]. Go here to UNSUBSCRIBE from this email.