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Mortgage application activity drifted lower again last week , the third straight week of mostly fractional declines. The Mortgage Bankers Association’s Market Composite Index, a measure of application volume, decreased 0.6 percent on a seasonally adjusted basis from one week earlier and 0.1 percent before adjustment. The Refinance Index declined by 2.0 percent from the previous week and was 5.0 percent lower than the same week one year ago. The refinance share of mortgage activity slipped to 30.3 percent from 30.8 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index ticked down by 0.1 percent week over week but did move 1.0 percent higher on an unadjusted basis. Purchase activity was 13.0 percent lower than during the same week in 2023. [purchaseappschart] “Mortgage rates moved lower last week, but that did little to ignite overall mortgage application activity. The 30-year fixed mortgage rate declined slightly to 6.91 percent, while the 15-year fixed-rate decreased to its lowest level in two months at 6.35 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Elevated mortgage rates continued to weigh down on home buying. Purchase applications were unchanged overall, although FHA purchases did pick up slightly over the week. Refinance applications decreased to fall 5 percent below last year’s pace.” Other Highlights from MBA’s Weekly Mortgage Application Survey
Housing News
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Mortgage application activity drifted lower again last week , the third straight week of mostly fractional declines. The Mortgage Bankers Association’s Market Composite Index, a measure of application volume, decreased 0.6 percent on a seasonally adj... (read more)
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MBS Commentary
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Carbon Copy Day For MBS
The date and underlying events may have changed, but the price action in MBS was strikingly similar. Prices fell abruptly in the first 2 hours and then reversed at 10am, ultimate... (read more)
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Mortgage Rate Watch
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After starting the week with a sharp move higher, mortgage rates managed to avoid losing much ground yesterday. This was only achieved with a recovery in the bond market that erased early morning losses (rates are based on bonds and when bonds ... (read more)
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Rob Chrisman
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The other night, at the Bruce Springsteen concert in San Francisco (it was great), he did a crowd favorite, singing, “Baby I got my facts learned real good right now, you better get it straight darling: Poor man wanna be rich, rich man wanna be king,... (read more)
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