Mortgage Applications Rise After Five Week Retreat

After falling for five straight weeks, mortgage applications finally gained a little ground last week. The Mortgage Bankers Association (MBA) said its seasonally adjusted Market Composite Index, a measure of mortgage loan application volume, increased 2.3 percent during the week ended August 25 and was 1 percent higher before adjustment. The Refinance Index was up 3 percent week-over-week although it still lags August 2022 levels by 28 percent. The refinance share of mortgage activity increased to 30.1 percent of total applications from 29.5 percent the previous week. It was the largest share for refinancing since mid-February. [refiappschart] The seasonally adjusted Purchase Index rose 2 percent and eked out a 0.3 percent gain before adjustment. Purchasing was 27 percent lower than a year earlier. [purchaseappschart] “Mortgage rates were mostly unchanged last week, with the 30-year fixed rate remaining at 7.31 percent – the highest since December 2000. Treasury yields peaked early in the week and did move lower by the end, which may have spurred some activity,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Mortgage applications for home purchases and refinances increased for the first time in five weeks but remained at low levels. Purchase applications increased but were still 27 percent lower than a year ago, as elevated mortgage rates and tight housing inventory continue to weigh on home buying activity. ”

August 30, 2023 Download our Mobile App: Download our Mobile App: Housing News Mortgage Applications Rise After Five Week Retreat After falling for five straight weeks, mortgage applications finally gained a little ground last week. The Mortgage Bankers Association (MBA) said its seasonally adjusted Market Composite Index, a measure of mortgage loan application volume, increa... (read more) Mortgage Rate Watch Lowest Mortgage Rates in 3 Weeks In the space of just 2-3 short days, mortgage rates have moved from multi-decade highs to the lowest levels in 3 weeks. The catch is that the last 3 weeks have also seen some of the highest rates in decades, but hey! Long journeys begin with si... (read more) MBS Commentary Tame Data Keeping Gains Intact On a week fraught with important economic data, the results continue coming in on the weaker side of forecasts and bonds continue to like it. While yesterday's JOLTS data was quite a bit lower than forecast, today's relevant reports came in clo... (read more) Rob Chrisman Homebuyer, Lead Source, AML, Pre-Qual Appraisal Products; Credit Changes Schedule Studies have shown that women who have large backsides live much longer than the men who comment on them. Studies also show that there are three basic groups of people in the United States: homeowners with 3 percent mortgages who don’t want to move, ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.06% -0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.06% -0.06 0.00 15 Yr. Fixed 6.44% -0.09 0.00 30 Yr. FHA 6.67% -0.08 0.00 30 Yr. Jumbo 7.24% -0.06 0.00 5/1 ARM 6.99% -0.16 0.00 30 Yr. VA 6.65% +0.15 0.00 Updates Daily - Last Update: 8/30 15 Yr. Fixed Rate 6.44% -0.09% Rate Change Points Freddie Mac 30 Yr. Fixed 7.23% +0.14 0.00 15 Yr. Fixed 6.55% +0.09 0.00 Updates Weekly - Last Update: 8/24 Rate Change Points 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 MBS / Treasuries UMBS 30YR 5.5 98.69 +0.02 Price / Yield Change MBS UMBS 5.5 98.69 +0.02 UMBS 6.0 100.16 -0.03 GNMA 5.5 98.92 +0.02 GNMA 6.0 100.22 -0.05 Pricing as of: 8/30 5:31PM EST 10 Year US Treasury 4.1140 -0.0060 Price / Yield Change US Treasury 2 YR Treasury 4.886 -0.008 5 YR Treasury 4.270 -0.005 7 YR Treasury 4.219 -0.007 10 YR Treasury 4.114 -0.006 30 YR Treasury 4.227 +0.001 Pricing as of: 8/30 5:31PM EST Latest Video Housing market is a waiting game right now as high rates persist: HousingWi... Mortgage interest rates matter 'less today than they have historically': NA... Consumer confidence fell across every demographic group in August, says Con... July pending home sales rises 0.9% from June Around the Web cnbc U.S. second-quarter GDP growth revised lower CNBC U.S. job growth slowed sharply to 177,000 in August, below expectations, ADP says Reuters US job openings in July post third straight monthly drop Eye on Housing 2022 Single-Family Starts by Census Division Calculated Risk Blog NAR: Pending Home Sales Up 0.9% in July; Down 14.0% Year-over-year CNBC How climate risk and more frequent disasters are changing the way we buy home insurance Calculated Risk Blog A few comments on the Seasonal Pattern for House Prices CFPB Statement of CFPB Director Rohit Chopra Member, FDIC Board of Directors Regarding Proposals to Improve the FDICs Options for Ma... Calculated Risk Blog Inflation Adjusted House Prices 3.9% Below Peak; Price-to-rent index is 7.6% below recent peak Eye on Housing Job Openings Data Reveal Labor Market Cooling Calculated Risk Blog Comments on June Case-Shiller and FHFA House Prices CNBC The Bank of England is facing major losses on its bond purchases and it's set to get much worse CNBC Treasury yields rise as investors digest economic data

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