Mortgage Purchase Demand Continues Surging, Sort Of...

Everything's relative. The recent crop of weekly mortgage application data from the Mortgage Bankers Association (MBA) is no exception. While we've seen several examples of short term milestones, the past year has essentially represented a longer term low point with an incredibly flat trajectory. The most recent weekly survey is just the latest example. Along the same lines as last week, the purchase applications index rose to another recent high--yet again hitting the best levels since early 2024. Over this time horizon, that chart looks pretty great, but again, everything's relative. If there's an upside, it's that there's an upside. In other words, the chart suggests that 2024's levels are a low point and there's nowhere to go but up. The most recent refi index is in the same boat--generally bouncing around the lowest levels in a long time and not likely to do much worse. Unlike the purchase index, refi demand is back in line with recent lows thanks to the episode of rising rates in October and early November. The mini-surge into September shows us what's possible if rates manage to rally again. The bigger picture chart shows us that this year's spike--while noticeable--operated on a different scale than past refi booms. Other highlights from this week's report (this week vs last week): Refi share of total apps38.7 vs 38.8 FHA share16.0 vs 16.0 VA share13.6 vs 12.4 30yr fixed rate6.69 vs 6.86 Jumbo 30yr6.85 vs 6.97 FHA Rate6.49 vs 6.61

December 4, 2024 Download our Mobile App: Download our Mobile App: Housing News Mortgage Purchase Demand Continues Surging, Sort Of... Everything's relative. The recent crop of weekly mortgage application data from the Mortgage Bankers Association (MBA) is no exception. While we've seen several examples of short term milestones, the past year has essentially represented a longer ... (read more) Mortgage Rate Watch Mortgage Rates Start Higher, But End Lower Mortgage lenders generally try to avoid setting rates more than once per day, but they will make changes if the underlying bond market is moving enough. Mortgage Backed Securities (MBS) are the bonds that directly dictate mortgage rate movement... (read more) MBS Commentary Friendly Data Helping Erase Overnight Weakness Bonds drifted steadily higher in yield during the overnight session with most of the weakness seen after European markets opened. The net effect was roughly 4bp increase in 10yr yields and an eighth of a point of weakness in MBS. ADP data did n... (read more) Rob Chrisman Non-QM, Subservicer Audit, eVault, Accounting Communication Tools; Thoughts from a Top LO; Chris Whalen Interview My cat Myrtle never had to worry too much about things like… money. Elon Musk, however, can’t seem to catch a break and his $56 billion (yes, with a “b”) pay package didn’t fly. Attorney Brian Levy seems to have trouble taking the new Department of G... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.84% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.84% -0.01 0.00 15 Yr. Fixed 6.01% -0.04 0.00 30 Yr. FHA 6.18% 0.00 0.00 30 Yr. Jumbo 7.00% -0.02 0.00 7/6 SOFR ARM 6.75% 0.00 0.00 30 Yr. VA 6.20% 0.00 0.00 Updates Daily - Last Update: 12/4 15 Yr. Fixed Rate 6.01% -0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 6.81% -0.03 0.00 15 Yr. Fixed 6.10% +0.08 0.00 Updates Weekly - Last Update: 11/27 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 99.94 +0.17 Price / Yield Change MBS UMBS 5.5 99.94 +0.17 UMBS 6.0 101.30 +0.12 GNMA 5.5 100.24 +0.18 GNMA 6.0 101.14 +0.14 Pricing as of: 12/4 5:31PM EST 10 Year US Treasury 4.1839 -0.0401 Price / Yield Change US Treasury 2 YR Treasury 4.130 -0.049 5 YR Treasury 4.070 -0.055 7 YR Treasury 4.126 -0.041 10 YR Treasury 4.184 -0.040 30 YR Treasury 4.349 -0.058 Pricing as of: 12/4 5:31PM EST Latest Video Homebuyer demand for mortgages jumped 6%, as interest rates fell to the low... Richmond Fed President Tom Barkin: Heading in the right direction 'on both ... October job openings data beats expectations while new hires fall monthly Private payrolls grew by 146,000 in November, less than expected, ADP says Around the Web wsj Powell Says Economic Strength Gives Fed Ability to Take Time on Rate Cuts Calculated Risk Blog Inflation Adjusted House Prices 1.4% Below 2022 Peak; Price-to-rent index is 8.1% below 2022 peak CNBC Watch Fed Chair Jerome Powell speak live at the Dealbook conference CNBC Private payrolls grew by 146,000 in November, less than expected, ADP says Forex Live Fed's Musalem: Time may be approaching to slow or pause rate cuts CNBC Homebuyer demand for mortgages jumped 6%, as interest rates fell to the lowest level in over a month Eye on Housing Where Residential Construction Thrives: Metro Area Hotspots for Jobs and Businesses Forex Live Fed's Barkin: I'm encouraged by where inflation is headed Calculated Risk Blog ISM Services Index Decreases to 52.1% in November CNBC 10-year Treasury yield ticks higher as investors await further jobs data Marketwatch U.S. factory sector outlook still looks soft despite rise in October Calculated Risk Blog Heavy Truck Sales Increased in 4% YoY in November Calculated Risk Blog Fed's Beige Book: "Economic activity rose slightly"

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