Mortgage Applications Don't Have Much to Lose

2024 has been one of those "it is what it is" sort of years for activity in the mortgage market. There were signs of hope over the summer months as rates fell enough to make for a noticeable spike in refinance activity. But with the rapid reversal starting in October, refi demand is right back in line with long term lows according to the Mortgage Bankers Association's (MBA) refinancing index. It's hard to see in the chart, but this week's survey actually showed a modest increase over last week, the difference is inconsequential as both are effectively the lowest levels since late 2023. The purchase side of the market has been less eventful, but no less depressing. This application data was collected well before this week's jobs report and subsequent rate spike. As such, we wouldn't expect any resilience in next week's numbers. On the brighter side, present levels are so repressed that we also wouldn't expect much more of a contraction.

January 10, 2025 Download our Mobile App: Download our Mobile App: Housing News Mortgage Applications Don't Have Much to Lose 2024 has been one of those "it is what it is" sort of years for activity in the mortgage market. There were signs of hope over the summer months as rates fell enough to make for a noticeable spike in refinance activity. But with the rapid... (read more) Mortgage Rate Watch Mortgage Rates Jump Sharply Higher After Jobs Report Mortgage rates were already at 6 month highs earlier this week so it didn't take much of a push to send them up to new 7 month highs today. The push in question came from today's hotly-anticipated jobs report. No other economic report has as much co... (read more) MBS Commentary Sizeable, Straightforward Selling Spree Sizeable, Straightforward Selling Spree Today's jobs report was much stronger than expected and there were no compelling counterpoints to give traders any second thoughts. As such, traders proceeded log... (read more) Rob Chrisman Wholesale and Correspondent News; STRATMOR's Tech Survey; M&A Alive and Well; CA Fires Impact In Los Angeles County, with 4,058 square miles of land (more than Delaware and Rhode Island combined) at least ten people have died, and more than 10,000 structures have burned and hundreds of thousands of residents are under evacuation orders in wha... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.24% +0.09% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.24% +0.09 0.00 15 Yr. Fixed 6.53% +0.02 0.00 30 Yr. FHA 6.55% +0.07 0.00 30 Yr. Jumbo 7.42% +0.04 0.00 7/6 SOFR ARM 7.10% +0.11 0.00 30 Yr. VA 6.57% +0.07 0.00 Updates Daily - Last Update: 1/10 15 Yr. Fixed Rate 6.53% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.93% +0.02 0.00 15 Yr. Fixed 6.14% +0.01 0.00 Updates Weekly - Last Update: 1/9 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.75% 0.00 0.66 15 Yr. Fixed 6.15% 0.00 0.71 30 Yr. Jumbo 6.86% 0.00 0.61 Updates Weekly - Last Update: 12/25 MBS / Treasuries UMBS 30YR 5.5 97.52 -0.65 Price / Yield Change MBS UMBS 5.5 97.52 -0.65 UMBS 6.0 99.67 -0.56 GNMA 5.5 98.34 -0.44 GNMA 6.0 100.32 -0.32 Pricing as of: 1/10 5:31PM EST 10 Year US Treasury 4.7639 +0.0797 Price / Yield Change US Treasury 2 YR Treasury 4.387 +0.121 5 YR Treasury 4.582 +0.124 7 YR Treasury 4.682 +0.123 10 YR Treasury 4.764 +0.080 30 YR Treasury 4.952 +0.023 Pricing as of: 1/10 5:31PM EST Latest Video Mortgage rates rise on jobs report Chicago Fed's Goolsbee breaks down the latest jobs report Preliminary consumer sentiment misses expectations as current conditions ri... Reinsurance expected to be available to companies on ground in CA, says inc... Around the Web CNBC U.S. payrolls grew by 256,000 in December, much more than expected; unemployment rate falls to 4.1% CNBC Heres where the jobs are for December 2024 in one chart Calculated Risk Blog Comments on December Employment Report Calculated Risk Blog The Housing Bubble and Mortgage Debt as a Percent of GDP Calculated Risk Blog Q4 GDP Tracking: 1.8% to 2.7% Range CNBC Insurance stocks sell off sharply as potential losses tied to LA wildfires increase Eye on Housing U.S. Population Grows at Highest Rate Since 2001 Eye on Housing Residential Construction Loan Volumes Decline Over the Third Quarter CNBC 10-year Treasury yield hovers close to highest level since April as investors await key jobs data CNBC Fed officials are worried about the inflation impacts from Trump's policies, minutes show Marketwatch Fed's Collins says her concerns about labor-market fragility have decreased CNBC Treasury yields fall ahead of shortened trading session Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 201,000

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