There was a slight increase in refinancing during the week ended October 21, but overall mortgage applications fell for the fifth straight week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 1.7 percent on a seasonally adjusted basis from one week earlier and was down 2 percent on an unadjusted basis. The seasonally adjusted Purchase Index drifted down another 2 percent and was 3 percent lower before adjustment. This put the purchase application volume 42 percent below its level at the same point in 2021. [purchaseappschart] The Refinance Index rose 0.1 percent week-over-week and was 86 percent lower than the same week one year ago. The share of the week’s applications that were for refinancing ticked up to 28.8 percent from 28.3 percent the previous week. [refiappschart] “Mortgage rates increased for the 10th consecutive week, with the 30-year fixed rate reaching 7.16 percent, the highest rate since 2001. The ongoing trend of rising mortgage rates continues to depress mortgage application activity, which remained at its slowest pace since 1997,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinance applications were essentially unchanged, but purchase applications declined 2 percent to the slowest pace since 2015 – over 40 percent behind last year’s pace. Despite higher rates and lower overall application activity, there was a slight increase in FHA purchase applications, as FHA rates remained lower than conventional loan rates.”

October 26, 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 26, 2022 Longest Winning Streak For Rates Since Late July Wed, Oct 26, 2022 5:29PM Mortgage rates moved lower for an impressive 4th straight day.  That hasn't happened since late July, but there are a few caveats.  First off, while the streak may be the longest in a few months, it's not the biggest.  Rates fell at a faster pace at the end of September, but in a slightly more volatile pattern.   The bigger catch, perhaps, is that rates had achieved fresh 20 year highs just before the current winning streak began, and it's not that uncommon to see some stronger improvement immediately following big spikes to long-term highs. All of the above having b... (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 Why Follow 5.0 UMBS if Rates Are In The 7's?! Wed, Oct 26, 2022 12:31PM A bit of housekeeping before we get to the UMBS question... Bonds have have been rallying very well since yesterday morning.  At the same time, the yield curve has been flattening back into more inverted territory seen for most of the past month.  In other words, some of the "oomph" behind the rally could be attributed to yield curve correct... (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 5:50AM 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 5:50AM EST Other News Weekly Mortgage Application Data: It's Like You'd Expect With Rates in The 7's Wed, Oct 26, 2022 9:41AM There was a slight increase in refinancing during the week ended October 21, but overall mortgage applications fell for the fifth straight week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 1.7 percent on a seasonally adjusted basis from one week earlier and was down 2 percen... (read more) IMB Wanted; Fraud Search, Automation, Fee Collection Tools; Events and Training; ADU Financing Interview Wed, Oct 26, 2022 9:57AM As the MBA’s conference in Nashville wraps up, lenders and vendors are in an interesting mindset. Optimists are saying, “There’s a lot of opportunity out there” and, “Rates will come back down and refis will give us some oomph.” The pessimists are saying, “Why do I care about multi-year Agency goals when I’ll be lucky to make it through the next two quarters... (read more) Latest Video Demand for new homes down 86% since last year Rent taking up close to half of peoples' incomes, says Bilt Rewards CEO Ank... The 2pm Bond Report - October 26, 2022 The 9am Bond Report - October 26, 2022 Around the Web Calculated Risk Blog New Home Sales Decreased in September; Completed Inventory Increased CNBC Mortgage demand from homebuyers is now nearly half what it was a year ago Calculated Risk Blog New Home Sales Decrease to 603,000 Annual Rate in September Eye on Housing More Buyers Taking a Look at New Construction Calculated Risk Blog Philly Fed: State Coincident Indexes Increased in 38 States in September CNBC Home prices cooled at a record pace in August, S&P Case-Shiller says fhfa FHFA Dropping Some FTHB Fees, But Raising Cash-Out Fees Calculated Risk Blog Comments on August Case-Shiller and FHFA House Prices Calculated Risk Blog Case-Shiller: National House Price Index "Continued to Decelerate" to 13.0% year-over-year increase in August CNBC Treasury yields decline as markets ponder future Fed policy CNBC Markets look for answers from the European Central Bank as its preps for a jumbo rate hike CNBC New UK PM Sunak delays highly anticipated spending plan to mid-November CNBC European markets set for flat open as investors watch earnings, monetary policy

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