The Mortgage Bankers Association (MBA) reports a slight increase in the volume of mortgage applications during the week ended July 7. MBA’s seasonally adjusted Market Composite Index increased 0.9 percent on a seasonally adjusted basis from one week earlier , although it took an additional adjustment accounting for the Independence Day holiday to push it into positive territory. On an unadjusted basis, the Index dropped 19 percent compared with the previous week. The Refinance Index decreased 1.0 percent from the previous week and was 39 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 26.8 percent of total applications from 27.4 percent. [refiappschart] The seasonally adjusted Purchase Index increased 2.0 percent from one week earlier but was down 19 percent before adjustment. Purchase applications were 26 percent below their level the same week in 2022.   [purchaseappschart] “Incoming economic data continue to send mixed signals about the economy, said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The overall impact [left] Treasury yields higher last week as markets expect that the Federal Reserve will need to hold rates higher for longer to slow inflation. All mortgage rates in our survey followed suit, with the 30-year fixed rate increasing to 7.07 percent, the highest level since November 2022. The jumbo rate also increased to 7.04 percent, a record high for the jumbo series, which dates back to 2011.”

July 12, 2023 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 Jul 12, 2023 Rates Surge Back Under 7% Following Inflation Data Wed, Jul 12, 2023 3:47PM Mortgage rates had been moving higher fairly rapidly over the past 2 weeks with the average lender easily into the 7% range for a top tier conventional 30yr fixed scenario.  It was clear that rates were responding to stronger-than-expected economic data and apprehension that we could see more of the same from subsequent reports. Today brought one of the most important among those subsequent reports: June's Consumer Price Index (CPI).  This is the most influential inflation report on any given month as far as interest rates are concerned and it ended up providing some much needed rel... (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 Great Reaction to CPI, But What's Next? Wed, Jul 12, 2023 3:40PM Great Reaction to CPI, But What's Next? Today's CPI data serves the important role of pushing back on the narrative of troublingly persistent inflation.  The 0.2% month-over-month level, after all, annualizes to 2.4%.  If that level were to be maintained, the Fed would be in a position to declare victory on... (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 3:28PM 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 3:28PM EST Other News Mortgage Application Volume Up Slightly During Holiday Week Wed, Jul 12, 2023 9:55AM The Mortgage Bankers Association (MBA) reports a slight increase in the volume of mortgage applications during the week ended July 7. MBA’s seasonally adjusted Market Composite Index increased 0.9 percent on a seasonally adjusted basis from one week earlier , although it took an additional adjustment accounting for the Independence Day holiday to push it in... (read more) Processing, Internal Audit, Cash Mgt., Security Tools; Training and Events; CPI Results and Mortgage Rates Wed, Jul 12, 2023 10:39AM Who’s in your wallet? I imagine every compliance person at every bank, large and small, are once again reviewing their policies after the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withho... (read more) Latest Video This time the Fed may have actually gotten it right on inflation, says Ed Y... I don't think a Fed rate hike in July is 'absolutely guaranteed', says SoFi... Inflation data looks like a move in the right direction, says J.P. Morgan's... New inflation data helps Fed and economy get to 'soft landing,' says econom... Around the Web Calculated Risk Blog BLS: CPI increased 0.2% in May; Core CPI increased 0.2% Eye on Housing CPI Eases Further as Housing Inflation Slows CNBC Here's the inflation breakdown for June, in one chart Calculated Risk Blog Cleveland Fed: Median CPI increased 0.1% and Trimmed-mean CPI increased 0.1% in June CNBC Bank of England warns of mortgage agony, says monthly costs could jump 500 for some Eye on Housing Consumer Credit Growth Slows to 30-Month Low Calculated Risk Blog 2nd Look at Local Housing Markets in June Calculated Risk Blog CoreLogic: US Annual Home Price Growth Drops to the Lowest Rate in 11 Years in May CNBC Mortgage rates in Britain hit 15-year high with many fearful there's more misery to come CNBC Treasury yields decline ahead of key inflation data CNBC New Jersey is 2023's most-improved state for business, led by a strong economy and housing market CNBC Treasury yields fall as investors weigh economic, monetary policy outlook Calculated Risk Blog YoY Measures of Inflation: Services, Goods and Shelter

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