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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
- As was to be mostly expected, MBA 30Y conforming mortgage rates fell a further 20bps last week to 7.41%, in keeping with the rally in long-end Treasuries (the spread to the 10Y held at ~300bps).
- The 30Y has now fallen 49bps since the Oct 20 peak of 7.90%, generating three weeks of increases but only worth a modest 8.5% lift for overall applications (latest week 3.0%) with purchase applications rising 10.5% vs refis 5.3%.
- Within the details, the spread of the 30Y jumbo to the regular conforming rate has dropped further to -10bps to push closer to its lowest since -10bps in June at levels otherwise last seen in Aug’21. The narrowing in the (at the time) positive spread around the time of regional banking woes in March was considered a sign of tightening lending standards.
MBA 30y (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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