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

April 3, 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 Apr 3, 2024 Mortgage Rates Nearly Unchanged Despite Early Drama Wed, Apr 3, 2024 3:34PM 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 improve, lenders can update mortgage rates during the day). Today was a strikingly similar pattern.  Bonds had a rough morning thanks to the first few economic reports of the day.  Once again, there was a rate-friendly reversal led by the day's most important economic report at 10am.  In the current case, gains were also facilitated... (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 Carbon Copy Day For MBS Wed, Apr 3, 2024 4:06PM 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, ultimately making it back near unchanged levels by the afternoon.  Data played more of a role today with ADP... (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 8:53AM 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 8:53AM EST Other News Persistent High Rates Have Application Volume Stuck in Neutral Wed, Apr 3, 2024 8:16AM 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 per... (read more) AE, Ops Jobs; Anti-Fraud, CRM, Audit Products; Wholesale News... Lawsuit Ahead? Wed, Apr 3, 2024 12:00PM 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, and a king ain't satisfied till he rules everything…” If you want to read a story with words like bullying, h... (read more) Latest Video Atlanta Fed President Raphael Bostic: Expect one rate cut in the fourth qua... Jerome Powell says Fed needs more signs of easing inflation to cut rates Fed's Daly: No urgency to adjust the rate Home prices rose 5.5% in February compared with same month a year earlier: ... Around the Web Marketwatch Options traders see rising risk of Fed rate hike following oil rally, solid U.S. data CNBC Fed's Powell emphasizes need for more evidence that inflation is easing before cutting rates CNBC Atlanta Fed President Bostic sees only one rate cut this year, occurring in the fourth quarter CNBC Private payrolls increased by 184,000 in March, better than expected, ADP says Marketwatch Reflation trade may put 10-year Treasury yield on path back to 4.5%-5% Marketwatch Daly says there's 'no urgency' for the Fed to cut U.S. interest rates Calculated Risk Blog ISM Services Index decreases to 51.4% in March Calculated Risk Blog Asking Rents Mostly Unchanged Year-over-year CNBC Here's what upgrading to a nicer home could cost you, and why it's locking up the market CNBC 10-year Treasury yield edges higher as investors await economic data Calculated Risk Blog Freddie Mac House Price Index Increased in February; Up 5.9% Year-over-year CNBC Fed's Mester still expects rate cuts this year, but rules out May Fannie Mae Consumers Worried about Impact of Extreme Weather on Homes and Insurance Premiums

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