Mortgage Apps Rise 8%, Purchase Volume Remains Soft

Mortgage application volume rose modestly during the week as mortgage rates marked time. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 3.7 percent on a seasonally adjusted basis compared to the previous period, a week in which the data contained an adjustment to account for the MLK holiday. On an unadjusted basis, the Index increased 8.0 percent week-over-week. The Refinance Index gained 12.0 percent from the previous week and was 1.0 percent higher than the same week in 2023. Refinancing accounted for 35.4 percent of the week’s volume, up from 34.2 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index ticked down 1.0 percent and was 6.0 percent higher before adjustment. Volume was 19 percent below its level during the same week one year ago. [purchaseappschart] “Mortgage rates have stayed close to where they started the year, despite swings in Treasury yields because of slowing inflation offset by stronger than expected readings on the job market. The 30-year fixed mortgage rate was 6.8 percent, a slight increase from last week,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Rates at these levels have not prompted much of a reaction in the refinance market, as most homeowners have mortgages with much lower rates. However, purchase activity has been strong to start 2024 compared to the final quarter of 2023. However, activity is still weaker than a year ago because of low housing supply.”

February 7, 2024 Download our Mobile App: Download our Mobile App: Housing News Mortgage Apps Rise 8%, Purchase Volume Remains Soft Mortgage application volume rose modestly during the week as mortgage rates marked time. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 3.7 percent on a seasonal... (read more) Mortgage Rate Watch Mortgage Rates Largely Unchanged, Holding Tuesday's Improvements Mortgage rates are based on trading in the bond market. As we saw last week, trading in the bond market can often be very exciting, even if that excitement isn't always pleasant. A rapid deterioration in bonds led to a rapid increase in r... (read more) MBS Commentary Slightly Weaker Start Despite NYCB Downgrade. Auction in Focus After rising roughly 2bps yesterday afternoon, bond yields dropped just over 2bps right at the start of the overnight session with buzz surrounding Moody's downgrade of NYCB. The energy behind the rally was tepid, at best, which may have been o... (read more) Rob Chrisman FHA, 1st Time Homebuyer, Servicing, Automation, Fair Lending Tools; List of Top 100 Lenders of 2023 When this commentary gig gets old, I think I’ll take up… throwing needles? But so far so good, putting this out six days a week. Yesterday I glanced at the calendar, and we’re 10 percent of the way through 2024 already! Still raining here in Northern... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.95% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.95% -0.01 0.00 15 Yr. Fixed 6.30% -0.01 0.00 30 Yr. FHA 6.19% -0.01 0.00 30 Yr. Jumbo 7.30% -0.01 0.00 5/1 ARM 6.55% -0.02 0.00 30 Yr. VA 6.20% -0.02 0.00 Updates Daily - Last Update: 2/7 15 Yr. Fixed Rate 6.30% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.63% -0.06 0.00 15 Yr. Fixed 5.94% -0.02 0.00 Updates Weekly - Last Update: 2/1 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.78% +0.03 0.63 15 Yr. Fixed 6.31% +0.07 0.59 30 Yr. Jumbo 6.94% +0.08 0.46 Updates Weekly - Last Update: 1/24 MBS / Treasuries UMBS 30YR 5.5 99.50 -0.25 Price / Yield Change MBS UMBS 5.5 99.50 -0.25 UMBS 6.0 100.84 -0.17 GNMA 5.5 99.84 -0.33 GNMA 6.0 100.83 -0.34 Pricing as of: 2/7 5:31PM EST 10 Year US Treasury 4.1190 +0.0290 Price / Yield Change US Treasury 2 YR Treasury 4.429 +0.030 5 YR Treasury 4.068 +0.031 7 YR Treasury 4.101 +0.028 10 YR Treasury 4.119 +0.029 30 YR Treasury 4.323 +0.030 Pricing as of: 2/7 5:31PM EST Latest Video Wells Fargo's Scott Wren: Expect three rate cuts in '24 starting in the sec... Treasury sells $42B in 10-year notes Former Dallas Fed President Robert Kaplan on NYCB turmoil WaFd CEO on regional bank challenges, commercial real estate and Luther acq... Around the Web Wells Fargo Should We Worry About American Debt?: Time to Reconsider? Calculated Risk Blog Update: Lumber Prices Up 6% YoY CNBC Over 18 million rental units are exposed to climate hazards as extreme weather becomes more common, Harvard study finds CNBC Credit card delinquencies surged in 2023, indicating 'financial stress,' New York Fed says Calculated Risk Blog Wholesale Used Car Prices "Flat" in December; Down 9.2% Year-over-year Calculated Risk Blog ICE (Black Knight) Mortgage Monitor: "Positive Signs in Housing, Mortgage Markets" Reuters Yellen concerned about US commercial real estate but says stresses manageable Eye on Housing Homeownership Rates by Race and Ethnicity forexlive Moody's downgrades NYCB Calculated Risk Blog Trade Deficit at $62.2 Billion in December CNBC Treasury yields little changed as investors fret over monetary policy outlook Calculated Risk Blog NY Fed Q4 Report: Household Debt Increased Fannie Mae Mortgage Rate Optimism Hits Survey High

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