The Mortgage Bankers Association said its Market Composite Index moved lower last week, apparently indifferent to a slight improvement in mortgage interest rates. The Index, which measures loan application volume, decreased 0.7 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index declined 0.4 percent compared with the previous week. The Refinance Index decreased 2.0 percent from the previous week and was 9.0 percent lower than the same week one year ago. The refinance share of mortgage activity accounted for 30.8 percent of total applications compared to 31.2 percent the previous week. [refiappschart] The Purchase Index ticked down 0.2 percent both before and after its seasonal adjustment.  It was 16.0 percent lower than the same week one year ago. [purchaseappschart] “Mortgage application activity was muted last week despite slightly lower mortgage rates. The 30-year fixed rate edged lower to 6.93 percent, but that was not enough to stimulate borrower demand,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market. Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6 percent by the end of the year. Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances.” 

March 27, 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 27, 2024 Super Steady Streak Sustained Wed, Mar 27, 2024 3:44PM There are probably only a few 4-day streaks with effectively no movement in mortgage rates, and this is one of them.  After falling to 6.91% last Friday, the MND rate index hasn't moved more than 0.01%. Granted, some lenders have been higher or lower during that time, but they offset each other in such a way that the average stayed flat. There's no special significance to this development.  It's more of a trivia novelty.  If we were determined to assign meaning, we could say that the flat performance is evidence that the rate market is fraught with uncertainty as it waits to se... (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 Treasury Auction Relief Rally and Month-End Support Wed, Mar 27, 2024 3:55PM Treasury Auction Relief Rally and Month-End Support With Thursday being a half day before a 3.5 day weekend, it's entirely reasonable to suspect month-end trading helped the bond market today.  There's never a great way to know if it will help or hurt, but it's a common hindsight conclusion when markets are movi... (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: 2/6 10:59PM 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: 2/6 10:59PM EST Other News Little Change in Mortgage Application Volume, Despite Lower Rates Wed, Mar 27, 2024 8:42AM The Mortgage Bankers Association said its Market Composite Index moved lower last week, apparently indifferent to a slight improvement in mortgage interest rates. The Index, which measures loan application volume, decreased 0.7 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index declined 0.4 percent compared ... (read more) Warehouse, Verification Tools; STRATMOR on Process Evaluation; HMDA Data; Non-Agency and TPO News Wed, Mar 27, 2024 11:55AM Could anything be better than Krispy Kreme coming to McDonalds! Yes! The new HMDA data is here! (More of a more serious note below.) Whether donuts or mortgages, a company can’t manufacture them without planning. Searching for one perfect process for your lending operation? It doesn’t exist. In STRATMOR Group’s March Insights Report, Principals Jennifer Smit... (read more) Latest Video Three rate cuts still plausible due to strong productivity, says Carson Gro... Would not be surprised if we got zero or one rate cut this year, says Putna... Real story in commercial real estate remains occupancy rates, says Don Peeb... Commerce and Treasury Departments release recommendations for regulating AI Around the Web Reuters TREASURIES-US yields fall as rate cut expectations grow Eye on Housing Home Prices Increase for January Calculated Risk Blog Inflation Adjusted House Prices 2.4% Below Peak; Price-to-rent index is 7.5% below 2022 peak Calculated Risk Blog A few comments on the Seasonal Pattern for House Prices Calculated Risk Blog Philly Fed: State Coincident Indexes Increased in 49 States in January (3-Month Basis) CFPB 2023 HMDA Data on Mortgage Lending Now Available Calculated Risk Blog Case-Shiller: National House Price Index Up 6.0% year-over-year in January Eye on Housing Coastal Construction: Outsized Multifamily Construction Compared to Single-Family Market Watch Consumer confidence dips in March on more pessimism about the future of the economy CNBC Treasury yields little changed as investors weigh economic outlook CNBC 10-year Treasury yield ticks lower as investors weigh economic data Calculated Risk Blog Comments on January House Prices, FHFA: House Prices Declined Slightly in January CNBC CNBC Daily Open: Baltimore port shutdown a major disruption

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