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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 mortgage applications increased a seasonally adjusted 0.3% M/M, led by purchases rising 4.7% vs refis -8.9% for an unusually large discrepancy between the two.
- This discrepancy is clear to see when comparing with late October levels shortly after the 30Y conforming rate mortgage peaked at 7.9%, with it now at 7.37% (-4bps on the week). Since then composite applications have increased 9% vs 16% for purchases and -9% for refis.
- The below chat does however put these moves into context, with purchase applications unsurprisingly still extremely depressed.
- Within the details, the spread of the regular 30Y rate and the jumbo loan rate is now more negative than in the months that followed the regional banking crisis for its lowest since May’21 in a sign of tightening credit conditions.
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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