The interest rate for conforming 30-year fixed-rate mortgages (FRM) again topped 7 percent last week, but mortgage application activity still squeezed out a tiny gain.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 0.1 percent on a seasonally adjusted basis. On an unadjusted basis, the Index increased 0.2 percent compared with the previous week. But that tiny gain was due solely to a 10.0 percent increase in refinancing (plus 4.0 percent year-over-year) while the purchase mortgage level fell 5.0 percent on a seasonally adjusted basis. Refinancing accounted for 33.3 percent of applications during the week compared to 30.3 percent a week earlier. [refiappschart] The non-seasonally adjusted Purchase Index was 4.0 percent lower last week and down 23 percent from its level the same week one year ago. [purchaseappschart] “Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Inflation remains stubbornly above the Fed’s target, and the broader economy continues to show resiliency. Unexpectedly strong employment data released last week further added to the upward pressure on rates,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30-year fixed rate increased to 7.01 percent, the highest in over a month. Purchase applications were down almost five percent to the lowest level since the end of February, but refinance applications were up 10 percent, driven particularly by VA refinance applications.”

April 10, 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 10, 2024 Basically The Worst Day For Mortgage Rates Since October 2022 Wed, Apr 10, 2024 4:23PM Mortgage rates surged at a pace seen only one other time since October 2022.  The average lender moved up by 0.28%, which is functionally equivalent to the 0.29% seen after the February 2nd jobs report.  In fact, today was arguably worse because the Feb 2nd example happened a day after rates hit long-term lows.  The implication is that the jump would not have been as big in early Feb if rates weren't undergoing a correction from those lows. Hair splitting aside, there just aren't many past examples of rates rising more than a quarter point in a day. Before covid, it had happene... (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 A Really Bad Day For The Bond Market Wed, Apr 10, 2024 4:16PM A Really Bad Day For The Bond Market To reiterate the point made in today's morning commentary, there was a mismatch between the size of the beat in the core inflation data (0.4 vs 0.3) and the size of the move in the bond market.  This wasn't a glaringly huge problem considering the February's CPI beat resulted... (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 Borrowers Pick Up Pace of Refinancing     Wed, Apr 10, 2024 8:39AM The interest rate for conforming 30-year fixed-rate mortgages (FRM) again topped 7 percent last week, but mortgage application activity still squeezed out a tiny gain.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 0.1 percent on a seasonally adjusted basis. On an unadjusted basis, t... (read more) DPA, Servicing Oversight, Relationship Mgt., Change Mgt. Products; TPO and Broker News Wed, Apr 10, 2024 11:43AM Remember when lenders were fretting about Amazon rolling out a major home loan program? The new acronym that the mortgage industry was about to start using was “WACD” (What Amazon Can’t Do). We reminded ourselves that Amazon couldn’t do is to deliver high value and personalized service and build relationships that last a lifetime. Play to your strengths! One... (read more) Latest Video Fed wants more confidence that inflation is moving toward 2% target, meetin... Consumer prices rose 3.5% from a year ago in March, more than expected Homebuilders fall following hot inflation numbers Former Fed Governor Frederic Mishkin on March CPI data: The Fed has to keep... Around the Web CNBC The Fed is determined not to reduce interest rates too soon, experts say a mistake the central bank has made in the past CNBC Fed meeting minutes point to caution on inflation CNBC Consumer prices rose 3.5% from a year ago in March, more than expected CNBC Hot inflation data pushes markets rate cut expectations to September CNBC Buyers of newly built homes can face a property tax surprise. Heres why Marketwatch Will inflation ever go down? Thats what frustrated Americans are asking ahead of March CPI. Calculated Risk Blog An Update on the House Price Battle Royale: Low Inventory vs Affordability CNBC $1 million homes are now 'typical' in a record number of U.S. cities, analysis finds. Heres where they are CNBC Small business optimism hits 11-year low as inflation fears won't go away CNBC 10-year Treasury yield falls as investors await inflation data CNBC Treasury yields hold steady ahead of consumer inflation data Marketwatch European Central Bank to stand pat this week but faster-than-the-Fed rate cuts may hit euro Calculated Risk Blog Moody's: Retail Vacancy Rate Unchanged in Q1

© 2026  Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [recipientemail]. Go here to UNSUBSCRIBE from this email.