In spite of a slight uptick in purchase activity, the overall pace of mortgage applications fell again during the week ended June 29. The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of that volume, decreased 0.5 percent on a seasonally adjusted basis from one week earlier and was down 1 percent unadjusted. Last week marked the mid-point of 2018, and the year has, so far, been notable for its declining volume. The MBA Index has been up in 11 of the 26 weeks, and only four of those gains have come since mid-March. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed The seasonally adjusted Purchase Index rose 1 percent from its level during the week ended June 22 but was unchanged on an unadjusted basis. Volume was 1 percent lower than during the same week in 2017

July 5, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.27% -0.04%   6.13% 7.26% 15 Yr. Fixed 5.82% -0.01%   5.6% 6.59% 30 Yr. Jumbo 6.20% -0.02%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Jul 5, 2018 Mortgage Rates Widely Varied by Lender Tue, Jul 3, 2018 1:55PM Mortgage rates ended the day roughly in line with yesterday's on average. That said, there's a wider-than-normal gap between lenders depending on several variables. The underlying issue is the timing of bond market volatility over the past 2 days. Let's break it down! Yesterday started strong . Lenders who released rate sheets early enough in the day were in better shape compared to last Friday. Bonds soon began to weaken (which implies higher rates). A decent handful of lenders adjusted rates higher in the afternoon, but many kept rates unchanged. Because of this, I mentioned they'd be starti... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% -0.04 0.00 15 Yr. Fixed 5.82% -0.01 0.00 30 Yr. FHA 6.00% -0.03 0.00 30 Yr. Jumbo 6.20% -0.02 0.00 7/6 SOFR ARM 5.71% -0.01 0.00 30 Yr. VA 6.02% -0.03 0.00 Updates Daily - Last Update: 10/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.72 +0.05   95.05 99.96 UMBS 30YR 5.5 101.09 +0.01   97.47 101.28 10 YR Treasury 4.029 +0.001   3.932 4.780 MBS Live Day Ahead: Back From Break, Bonds Still Waiting For a Breakout Thu, Jul 5, 2018 9:27AM Heading into the day and a half holiday break, bonds had been consolidating in a narrower range centered on 2.85% in terms of 10yr yields.  Now, as bonds return to finish out the week, they're consolidating in a narrower range centered on 2.85! ... (read more) MBS Live Recap: Weak Start. Strong Finish Tue, Jul 3, 2018 2:39PM Yesterday's headline was "strong start; weak finish."  Today's is the opposite (obviously).  In both cases, geopolitical issues played a role in overnight volatility with Germany's immigration policies at center stage (really good primer from WaPo).  Part of the overnight weakness had to do with "risk-off" implications from a new deal that G... (read more) MBS Price Change UMBS 4.5 97.76 +0.07 UMBS 5.0 99.72 +0.05 UMBS 5.5 101.09 +0.01 GNMA 4.5 97.74 +0.04 GNMA 5.0 99.94 +0.11 GNMA 5.5 100.93 +0.03 Pricing as of: 10/15 6:16PM EST US Treasury Yield Change 2 YR Treasury 3.500 +0.018 5 YR Treasury 3.620 +0.016 7 YR Treasury 3.805 +0.006 10 YR Treasury 4.029 +0.001 30 YR Treasury 4.626 -0.004 Pricing as of: 10/15 6:16PM EST Other News At Mid-Year, Mortgage Application Volume Continues Decline Thu, Jul 5, 2018 8:33AM In spite of a slight uptick in purchase activity, the overall pace of mortgage applications fell again during the week ended June 29. The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of that volume, decreased 0.5 percent on a seasonally adjusted basis from one week earlier and was down 1 percent unadjusted. Last week marked the mi... (read more) Millennials Still Aren't Home Alone Tue, Jul 3, 2018 2:49PM Millennials, it is said, are finally moving out on their own, establishing households and buying houses. But, if new research from the National Association of Home Builders (NAHB) is correct, quite a few of them are bucking the trend. Natalia Siniavskaia writes in NAHB's Eye on Housing blog that sharing living quarters with others is still a hallmark of the ... (read more) Securitization and Agency Risk Transfers Continue to Shape Capital Markets Thu, Jul 5, 2018 9:00AM Basketball folks have been talking about 33-year old LeBron James signing a four-year, $154 million deal with the Lakers. I don’t know the intricacies and details of the contract, but that averages out to roughly $38 million a year, nor am I going to take the time to figure out the debt-to-income ratio on his two Southern California digs. But the photo... (read more) Latest Video Fed Minutes: Many districts report concern over tariffs US tariffs on China to go into effect tomorrow ISM non-manufacturing index at 59.1 for June Around the Web consumerfinancemonitor.com CFPB Addresses Partial HMDA Exemption for Certain Depository Lenders CNBC Fed balance sheet runoff hits another snag Reuters Fed on lookout for recession but still sees strong economy: minutes NAHB Eye on Housing Three-story Single-family Homes Reuters China says U.S. 'opening fire' on world with tariffs, vows to respond Calculated Risk Blog June Employment Preview CNBC The U.S. labor shortage is reaching a critical point Calculated Risk Blog Reis: Office Vacancy Rate increased in Q2 to 16.6% Calculated Risk Blog ISM Non-Manufacturing Index increased to 59.1% in June Freddie Mac Mortgage Rates Continue Recent Decline Freddie Mac Homeownership: A Considerable Achievement Currently Facing Hurdles Bloomberg Tariff Countdown, Fed Minutes, Carney Hits Upbeat Note: Eco Day Bloomberg Pricey Vancouver Housing Market Weakens With Buyers on Sidelines

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