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Another Crank Tighter In Lending Conditions For Jumbo Loans

US DATA
  • MBA composite mortgage applications increased 3.0% last week after 0.5% the week prior, for a third consecutive increase.
  • Both refis & purchases increased +3%, but levels remain historically depressed.
  • The latest increase came despite a small nudge higher in the 30Y conforming rate to 6.75% (+2bp).
  • More eye-catching though was the 11bp rise in the jumbo equivalent to 6.91%, as lenders more notably tighten relative conditions to larger loans with the -16bp differential (regular – jumbo) the lowest since Aug’21.

MBA 30Y conforming mortgage rates for regular (white) and jumbo (yellow) loansSource: Bloomberg

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