Mortgage application activity fell again during the week ended October 14 as mortgage interest rates hit their highest level in 20 years. The Market Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 4.5 percent on a seasonally adjusted basis from one week earlier and was down 4 percent on an unadjusted basis. The Refinance Index dropped 7 percent week-over-week and was 86 percent lower than the same week in 2021. The refinance share of mortgage activity decreased to 28.3 percent of total applications from 29.0 percent during the week ended October 7. [refiappschart] The seasonally adjusted Purchase Index was down by 4 percent from one week earlier and was 3 percent lower before adjustment. Purchase volume was 38 percent lower than the same week one year ago. [purchaseappschart] “Mortgage applications are now into their fourth month of declines, dropping to the lowest level since 1997, as the 30-year fixed mortgage rate hit 6.94 percent – the highest level since 2002,” said Joel Kan, MBA’s Vice President, and Deputy Chief Economist. “The speed and level to which rates have climbed this year have greatly reduced refinance activity and exacerbated existing affordability challenges in the purchase market. Residential housing activity ranging from new housing starts to home sales have been on downward trends coinciding with the rise in rates. The current 30-year fixed rate is now well over three percentage points higher than a year ago, and both purchase and refinance applications were down 38 percent and 86 percent over the year, respectively.”

October 19, 2022 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 19, 2022 Another Day, Another 20 Year High in Rates Wed, Oct 19, 2022 5:10PM There's no sense in beating a dead horse or wading through another "same story, different day" assessment of rates. They were already at 20 year highs yesterday, so even a modest move higher would obviously enable the same claim.  And it ended up being more than modest.  New scapegoats for today's move are in short supply.  Rate momentum is broadly negative.  Traders remain unwilling to catch the falling knife of bond prices (lower bond prices = higher rates, all other things being equal), and it will take a sustained shift in economic data and inflation to bring about a s... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 Another Move to Long Term Lows 'Just Because' Wed, Oct 19, 2022 4:59PM Another Move to Long Term Lows 'Just Because' Today began with more upward pressure on yields, apparently due to a higher-than-expected inflation report in the UK.  That jived with much of the recent analysis which gives plenty of credit to UK market volatility for spilling over to the US.  A closer look at... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 5:20AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 5:20AM EST Other News Mortgage Application Volume Hits 25-Year Low Wed, Oct 19, 2022 8:18AM Mortgage application activity fell again during the week ended October 14 as mortgage interest rates hit their highest level in 20 years. The Market Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 4.5 percent on a seasonally adjusted basis from one week earlier and was down 4 percent on an u... (read more) Housing Starts Slide While Building Permits Improve Wed, Oct 19, 2022 1:49PM The U.S. Census Bureau and the Department of Housing and Urban Development reported a small improvement in the number of permits issued in September after a dismal report in August. Housing starts, however, gave back much of the prior month’s double-digit gains. Permits were issued for construction of residential units at a seasonally adjusted annual rate o... (read more) Underwriting, Compliance, eMortgage, Loss Mitigation Products; Training and Events; Apps Drop Further Wed, Oct 19, 2022 9:24AM Here in Orange County, the mortgage talk runs the gamut. Sure, a recession would cause rates to drop, but before that happens, are residential lenders looking at a long autumn and winter? Our biz is dealing with broad topics such as affordable housing, housing inventory being impacted by potential sellers taking properties off the market, and the general tre... 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