Home buyers remained on the sidelines as interest rates drifted lower, perhaps paying attention to the Federal Reserve’s musings about future cuts. The Mortgage Bankers Association (MBA) reports its Market Composite Index, a measure of mortgage loan application volume, decreased 2.2 percent on a seasonally adjusted basis last week and 2.0 percent before adjustment.     There was a tiny increase in the Refinance Index from the prior week, 0.3 percent, and refinancing accounted for 39.7 percent of applications compared to 38.8 percent a week earlier. The Index was 38 percent higher than the same week in 2023. [refiappschart] The seasonally adjusted Purchase Index decreased 4.0 percent from one week earlier on both an adjusted and unadjusted basis and was 15 percent lower than the same week one year ago. [purchaseappschart] “Mortgage rates continued to ease, with the 30-year fixed rate dipping to 6.82 percent, the lowest level since February 2024,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinance applications were up, driven by conventional and FHA application activity, as some borrowers took the opportunity to act. Furthermore, the conventional refi index was at its highest level since September 2022 .” Added Kan, “Purchase applications decreased as ongoing affordability challenges persist with rates at their current levels and with home-price appreciation still strong in many markets.”

July 24, 2024 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.58% -0.04%   5.99% 6.87% 15 Yr. Fixed 6.15% -0.01%   5.55% 6.25% 30 Yr. Jumbo 6.81% +0.01%   6.1% 6.95% Compare Mortgage Rates from Local Lenders for Jul 24, 2024 Mortgage Rates Move Up To 2 Week Highs After Starting Out Flat Wed, Jul 24, 2024 4:35PM Mortgage rates technically moved up to the highest levels in 2 weeks today, but that sounds a bit more dramatic than it actually is.  Rates have largely held inside a narrow range close to the lowest levels in 6 months during that time.  Today's weakness in the bond market just happened to nudge the average mortgage lender slightly above the highs seen this past Monday and Friday.  The average borrower wouldn't see much of a difference between those rates and today's. As for the underlying motivation for the movement, it doesn't merit much discussion or investigation.  Aft... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.58% -0.04 0.00 15 Yr. Fixed 6.15% -0.01 0.00 30 Yr. FHA 6.15% 0.00 0.00 30 Yr. Jumbo 6.81% +0.01 0.00 7/6 SOFR ARM 6.30% +0.06 0.00 30 Yr. VA 6.17% 0.00 0.00 Updates Daily - Last Update: 6/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.47% -0.05 0.00 15 Yr. Fixed 5.81% -0.03 0.00 Updates Weekly - Last Update: 6/18 Mortgage Bankers Assoc. 30 Yr. Fixed 6.60% 0.00 0.63 15 Yr. Fixed 6.02% +0.03 0.65 30 Yr. Jumbo 6.62% -0.04 0.57 Updates Weekly - Last Update: 6/17 UMBS 30YR 5.0 98.13 +0.13   96.76 100.50 UMBS 30YR 5.5 100.20 +0.12   98.96 101.64 10 YR Treasury 4.456 -0.040   3.948 4.668 Bonds Shake Off Stronger Services PMI to Hold Overnight Gains Wed, Jul 24, 2024 12:07PM While they may not be the most highly consequential economic reports on any given month, today's S&P Global PMIs were our best shot to see some volatility in the bond market today.  In their defense, they managed to deliver, even if only on a small scale.  As expected, it was the Services PMI that carried more weight, pushing yields higher due ... (read more) MBS Price Change UMBS 4.5 95.81 +0.19 UMBS 5.0 98.13 +0.13 UMBS 5.5 100.20 +0.12 GNMA 4.5 95.94 +0.00 GNMA 5.0 98.56 +0.28 GNMA 5.5 100.36 +0.21 Pricing as of: 6/20 9:46AM EST US Treasury Yield Change 2 YR Treasury 4.179 -0.007 5 YR Treasury 4.234 -0.033 7 YR Treasury 4.340 -0.030 10 YR Treasury 4.456 -0.040 30 YR Treasury 4.896 -0.035 Pricing as of: 6/20 9:46AM EST Other News Mortgage App Volume in a Wait and See Mood? Wed, Jul 24, 2024 8:42AM Home buyers remained on the sidelines as interest rates drifted lower, perhaps paying attention to the Federal Reserve’s musings about future cuts. The Mortgage Bankers Association (MBA) reports its Market Composite Index, a measure of mortgage loan application volume, decreased 2.2 percent on a seasonally adjusted basis last week and 2.0 percent before adj... (read more) New Home Sales Post Small Decline Wed, Jul 24, 2024 12:03PM Interest rates and prices continued to curtail home sales in June. The Census Bureau and the Department of Housing and Urban Development reported on Wednesday that new home sales declined again last month, although the decline was far less severe than the 5.4 percent drop reported for pre-owned homes on Tuesday. Sales of newly constructed single-family hom... (read more) Market Trends, Home Equity, CRM, Fee Collections, AI Tools; Disaster and Catastrophe Updates Wed, Jul 24, 2024 12:05PM In Utah every year, July 24th commemorates “Pie and Beer Day,” the day in 1847 when the first group of pioneers reached the Salt Lake valley and their leader Brigham Young declared, “This is the right place.” Did I say “pie and beer” day? I meant Pioneer” Day. Sorry. 700 miles on Highway 80 to the west, housing issues continue. Do you think it’s easy, if you... (read more) Latest Video The Fed could cut rates by 50 basis points in September, says BMO's Yung-Yu... Concerns about unsold homes and price drops are unwarranted, says Evercore ... 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