There hasn't been meaningful change in economic data that measures activity in the housing and mortgage markets. In a nutshell, activity has been drifting along at long-term lows.  The weekly survey of mortgage application activity from the Mortgage Bankers Association (MBA) is no exception, for the most part.  Refinancing picked up in the summer months as rates fell, but not to historically strong levels, by any means. Purchase applications appear to be more volatile, but that's a factor of a narrower overall range.  They've been even more sideways. As of last week, both purchase and refi applications were effectively at the lowest levels of the year.  We knew the application landscape would be challenging due to the big jump in rates that hadn't yet been captured in last week's data.  The saving grace was the potential for seasonal distortions surrounding the New Year holiday.   Holidays that fall on specific dates can create inconsistencies in seasonal adjustments in economic reports. Last year saw New Year's Day fall on a Monday, which was less of a disruption to the business week compared to this year's Wednesday holiday. Perhaps the applications that tend to come in after the holiday were delayed by few days as a result, thus helping explain why applications rose for both purchases and refis despite the higher rates. Purchase activity was actually the highest in nearly a year.

January 15, 2025 Download our Mobile App: Download our Mobile App: Housing News Mortgage Applications Improved Even as Rates Moved Higher There hasn't been meaningful change in economic data that measures activity in the housing and mortgage markets. In a nutshell, activity has been drifting along at long-term lows.  The weekly survey of mortgage application activity from the Mor... (read more) Mortgage Rate Watch Mortgage Rates Drop Back to Last Week's Levels After Softer Inflation Data We knew that today's Consumer Price Index (CPI) was a hotly anticipated economic report that at least had the potential to give rates a big push, and it didn't disappoint. Any time we're dealing with an important economic report that gives rates a b... (read more) MBS Commentary If You Needed Proof That Inflation Data is Back in Fashion... On December 18th, one of the most striking takeaways from Fed Chair Powell's press conference was the shift in the Fed's focus from the labor market to inflation data. Said shift was frequently reinforced in subsequent speeches by other Fed members. ... (read more) Rob Chrisman Wholesale, Non-Agency, Workflow, Servicing, QC Audit Tools; Lender M&A Continues; CPI Helping Rates? The folks here in Austin are sarcastically asking, “Who’s in your wallet?” Hopefully not Jennifer Garner or Samuel L. Jackson. The Consumer Financial Protection Bureau (CFPB… which always has our backs, right?), sued Capital One, N.A., and its parent... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.13% -0.12% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.13% -0.12 0.00 15 Yr. Fixed 6.52% -0.06 0.00 30 Yr. FHA 6.55% -0.04 0.00 30 Yr. Jumbo 7.40% -0.04 0.00 7/6 SOFR ARM 7.05% -0.09 0.00 30 Yr. VA 6.58% -0.02 0.00 Updates Daily - Last Update: 1/15 15 Yr. Fixed Rate 6.52% -0.06% 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 6.0 100.18 -0.04 Price / Yield Change MBS UMBS 6.0 100.20 -0.02 UMBS 6.5 102.04 -0.03 GNMA 6.0 100.53 0.00 GNMA 6.5 101.85 -0.07 Pricing as of: 1/16 12:07AM EST 10 Year US Treasury 4.6603 +0.0072 Price / Yield Change US Treasury 2 YR Treasury 4.272 +0.016 5 YR Treasury 4.453 +0.007 7 YR Treasury 4.555 -0.001 10 YR Treasury 4.655 +0.002 30 YR Treasury 4.872 -0.001 Pricing as of: 1/16 12:07AM EST Latest Video Mortgage rates head lower after CPI report Core inflation rate slows to 3.2% in December, less than expected Expect Fed policy to be on hold for a period of time, says Roger Ferguson NY Fed's Williams: Path for policy will be dependent on the data Around the Web Marketwatch Fed's Williams Expects Disinflation to Continue FXStreet Fed's Goolsbee: CPI is encouraging and discouraging in equal measure Marketwatch Disaster insurance is failing homeowners. The L.A. fires can be a turning point Calculated Risk Blog BLS: CPI Increased 0.4% in December; Core CPI increased 0.2% MSN Rate hikes aren't completely ruled out, says Fed's Kashkari Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-January 2025 Calculated Risk Blog MBA: Mortgage Applications Increased in Weekly Survey CNBC Budget deficit rose in December and is now 40% higher than it was a year ago Eye on Housing Single-Family Permits Up in November 2024 Eye on Housing Housing Inflation Moderates Amid Higher Energy Costs Calculated Risk Blog Part 1: Current State of the Housing Market; Overview for mid-January 2025 CNBC UK homeowners brace for higher mortgages as borrowing costs spike Eye on Housing Residential Construction Inputs Price Growth Slows in 2024

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