After rising a cumulative 17 percentage points over the prior two weeks, mortgage application volume slowed slightly last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier and was 1.0 percent lower on an unadjusted basis.   Both home purchasing and refinancing activity pulled back. The Refinance Index decreased 3 percent from the previous week and was 3.0 percent lower than the same week in 2023. The Purchase Index slid 1.0 percent both before and after adjustment and was 14 percent lower year-over-year. [refiappschart] [purchaseappschart] “Mortgage rates increased last week as incoming data showed inflation was still hotter than expected, which stoked concerns about the timing and extent to which the Fed might be able to reduce the fed funds rates this year. After three weeks of declines, the 30-year fixed mortgage rate increased to 6.97 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Mortgage applications continued to show sensitivity to rate movements , and both purchase and refinance activity decreased over the week. With housing supply low and prices high, the average loan size for purchase applications increased to the highest level since May 2022.” Other Data from MBA’s Weekly Mortgage Application Survey. The refinance share of mortgage activity decreased to 31.2 percent of total applications from 31.6 percent the previous week. Even though the size of purchase loans rose $1,200 to the new recent high of $445,000, the average for all loans dipped by about $1,000 to $389,800. FHA and VA loan applications each accounted for 12.1 percent of the total and the USDA share was 0.5 percent. All three were essentially unchanged from the prior week. The 6.97 percent interest rate for conforming 30-year mortgages (FRMs) represented an increase of 13 basis points from the previous week. Points decreased to 0.64 from 0.65. The average rate for jumbo 30-year FRM rose to 7.14 percent from 7.04 percent, with points increasing to 0.54 from 0.38. Thirty-year FRM with FHA backing had an average rate of 6.89 percent with 1.04 points. The prior week the rate was 6.77 percent with 0.95 point. The rate for 15-year FRM; rose 12 basis points to 6.49 percent while points decreased 0.70 from 0.77. The average rate for 5/1 adjustable-rate mortgages (ARMs) was 6.33 percent, declining from 6.38 percent a week earlier. Points averaged 0.55, up from 0.52. The ARM share of activity decreased to 7.2 percent of total applications from 7.7 percent in each of the prior two weeks.

March 20, 2024 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 Mar 20, 2024 Fed "Held Rates Steady," But Mortgage Rates Improved Wed, Mar 20, 2024 4:25PM The rate market was intently focused on today's announcement from the Federal Reserve.  While many news headlines emphasize the Fed "holding rates steady," but that's not what the bond market was focused on.  Because mortgage rates are determined by the bond market, that meant they were free to move even though the Fed stood still. Markets were most interested in the Fed's projections for future rate cuts.  In not so many words, those projections retained the Fed's previous expectation of 3 rate cuts by the end of this year, albeit by a smaller margin than the last round of pro... (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 What to Watch in Today's Fed Announcement Wed, Mar 20, 2024 10:49AM The Fed finds itself in an increasingly uncomfortable situation where the market has witnessed several successive months of inflation data that refuses to play ball with the most ideal course of events.  Specifically, it would be "nice" if core inflation had continued a gradual descent seen in 2023.  Instead, it has leveled off just above the zone ... (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 10:48AM 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 10:48AM EST Other News Mortgage App Volume Retreats Slightly as Rates Rise Wed, Mar 20, 2024 8:14AM After rising a cumulative 17 percentage points over the prior two weeks, mortgage application volume slowed slightly last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier and was 1.0 percent lower on an unadjusted basis.   ... (read more) Non-QM, Verification, Accounting, Servicing Tools; STRATMOR on Spending; Conv. Conforming News Wed, Mar 20, 2024 11:39AM Anyone wonder what happens after someone steps away from mortgage banking? Well, after exiting Ellie Mae/ICE, Jonathan Corr finds himself involved in Broadway shows, apparently stepping away from lending entirely. Broadway shows aren’t inexpensive, nor is producing mortgages. Unfortunately, it is easier to spend more than spend less (just ask Congress under ... (read more) Latest Video Fed Chair Powell: Rates are unlikely to go back down to pre-pandemic levels Fed holds rates steady, indicates three cuts coming sometime in 2024 Fed Chair Powell: Long-term goal is to move to a balance sheet that's mostl... Weekly mortgage demand drops as interest rates rise again Around the Web CNBC Fed raises GDP projections for 2024 but still sees three rate cuts in coming year forexlive Comments from Fed's Powell organized by topic CNBC Fed meeting live updates: Traders await insight from central bank on the outlook for rate cuts CNBC Fed holds rates steady, as expected Reuters Yields subdued before Fed's economic, interest rate projections Eye on Housing NAHB Releases What Home Buyers Really Want, Study Shows Buyers Want Smaller Homes Marketwatch Negative-interest-rate era is over. Was it the 'dumbest idea' in economic history? Marketwatch Fed is 'so far from equilibrium' as markets await rate guidance, BlackRock's Rick Rieder says CNBC Bank of England set to hold rates, but falling inflation brings cuts into view Calculated Risk Blog AIA: "Moderation in the Slowdown in Business Conditions at Architecture Firms"; Multi-family Billings Decline for 19th Consecutive Month Eye on Housing States and Construction Trades Most Reliant on Immigrant Workers, 2022 CNBC Treasury yields dip ahead of Fed rate decision, monetary policy guidance CNBC European Central Bank's Lagarde says June data key for rate cut decision

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