First thing's first, mortgage applications increased last week, both for purchases and refinances! It was the first improvement for refi demand since mid September, when rates were well into their lowest levels in more than 2 years.  Top tier conventional 30yr fixed rates were being quoted at around 6% at the time, but moved rapidly up to 7%+ in the first 3 weeks of October. The resulting drop in refi demand was as logical as it was unfortunate, and it didn't really let up until 2 weeks ago.  Since then, last week saw only a microscopic decrease which, in turn, paved the way for this week's microscopic increase.  In the bigger picture, the refinance index remains in the lowest territory in decades. The Purchase Index is actually in a similar boat.  In fact, we'd need to go even deeper into the past to see demand at current levels.  The key difference is that there wasn't any interesting rate-driven bump in the past few months.  Purchases apps simply ground to a halt by late 2023 and haven't done much since then. Other highlights from MBA's weekly application update: Refi share of total activity: 41%, up from 39.9 previously FHA share: 16.6% vs 16.0 previously VA share: 13.6% vs 13.3 previously Average contract rate (30yr fixed) 6.90 vs 6.86 Orig/Points up to 0.7 from 0.6 Jumbo rates were 0.13% higher than conventional and FHA rates .22% lower

November 20, 2024 Download our Mobile App: Download our Mobile App: Housing News Mortgage Applications Technically Improve First thing's first, mortgage applications increased last week, both for purchases and refinances! It was the first improvement for refi demand since mid September, when rates were well into their lowest levels in more than 2 years.  Top tier co... (read more) Mortgage Rate Watch Mortgage Rates Have Been Much Calmer, But They're Still High Remember October and the first part of November--not because of the election, but rather because of the relentless rise in mortgage rates?  Would you rather forget?  You're not alone.  It was the fastest rate spike since 2022, and it w... (read more) MBS Commentary Geopolitical Headlines Behind Small But Noticeable Reactions There has been plenty of news over the past 48 hours regarding the U.S. greenlighting Ukraine to use long range missiles to attack Russia.  Yesterday's examples resulted in relatively modest overnight gains for the bond market. Today's example i... (read more) Rob Chrisman Customer Service, Cybersecurity, Repurchase, LLPA Protection Tools; Politicians vs Policy on Mortgage Rates “I thought swimming with dolphins was expensive until I went swimming with sharks. It cost me an arm and a leg.” Through the wonders of modern air travel, I find myself in St. Louis for the MBA of St. Louis event. Here in St. Louis, lending costs, ra... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.05% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.05% +0.01 0.00 15 Yr. Fixed 6.41% -0.01 0.00 30 Yr. FHA 6.44% +0.06 0.00 30 Yr. Jumbo 7.22% -0.01 0.00 7/6 SOFR ARM 7.05% +0.01 0.00 30 Yr. VA 6.45% +0.05 0.00 Updates Daily - Last Update: 11/20 15 Yr. Fixed Rate 6.41% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.93 +0.06 Price / Yield Change MBS UMBS 5.5 98.93 +0.06 UMBS 6.0 100.57 +0.05 GNMA 5.5 99.43 +0.06 GNMA 6.0 100.66 +0.04 Pricing as of: 11/21 1:13AM EST 10 Year US Treasury 4.4031 -0.0024 Price / Yield Change US Treasury 2 YR Treasury 4.314 -0.009 5 YR Treasury 4.271 -0.009 7 YR Treasury 4.334 -0.017 10 YR Treasury 4.403 -0.002 30 YR Treasury 4.588 -0.017 Pricing as of: 11/21 1:13AM EST Latest Video Housing market weakness is in the entry-level but move-up market's strong: ... Trump's Treasury pick will be exceedingly important due to campaign promise... Building permits data misses estimates in October Charles Schwab incoming CEO on evolving strategy, wealth management competi... Around the Web Reuters Fed governors stake out competing views of inflation risk Marketwatch European Central Bank warns that concentration in highly-valued U.S. tech stocks poses financial stability risk CNBC Weekly mortgage demand inched up, despite higher interest rates. Here's why. CNBC 5 major U.S. cities where it's easier for Gen Z to afford rent than it was for millennials at the same age Redfin Homes With Low Natural Disaster Risk Are Rising in Value Faster Than Homes With High Risk for the First Time in Over a Decade Calculated Risk Blog California Home Sales Up 9.5% SA YoY in October redfin U.S. Home Prices Rose 0.5% in October, Marking a Year of Consistent Growth Redfin Home Sales Sink Across Florida Amid Hurricane Recovery, Surging HOA and Insurance Costs Eye on Housing Growth for Single-Family Built-for-Rent Construction Eye on Housing Gains for Townhouse Construction CNBC Treasury yields rise as investors weigh geopolitical tensions, economic data Calculated Risk Blog AIA: Architecture Billings "Moderates" in October; Multi-family Billings Declined for 27th Consecutive Month Eye on Housing Immigrant Share in Construction Sets New Record

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