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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- MBA composite mortgage applications fell -0.8% (purchases -0.3%, refis -1.9%) in the week to Aug 11.
- It came with a further push higher in the 30Y conforming rate, up 7bps to 7.16% for a joint cycle high with Oct'22 for the highest since 2001. The mortgage rate has increased nearly 100bps from recent lows of ~6.2% in late Jan/early Feb.
- This continued push higher in rates, with a spread to 10Y Treasury yields hovering around 300bps, has unsurprisingly dampened mortgage demand with the level of purchase applications close to Feb’23 lows for otherwise the lowest since the 1990s.
30Y mortgage rate (white), 10Y Tsy yield (pink), spread (red) and level of purchase applications (green)Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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