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US DATA: MBA Applications Hold Bounce But Still Depressed

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • MBA composite mortgage applications increased 0.1% last week (sa) to consolidate the 33% jump the week prior.
  • This consolidation is reflected by both new purchases (0.6% after 26.9%) and refis (-2.9% after 43.5%).
  • The 30Y mortgage rate dipped 7bps to 7.02% after the 7.09% the prior week marked its highest since Mar 2024.
  • The increase in applications has been impressive considering the climb in mortgage rates from a recent low of 6.13% in late September, although composite applications are still only 48% of 2019 averages (new purchases 63%, refis 32%).
  • Within the details, the regular to jumbo spread held its push higher at 4bps, having last week seen the regular rate push above the jumbo rate for the first time since Nov 2023. 
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  • MBA composite mortgage applications increased 0.1% last week (sa) to consolidate the 33% jump the week prior.
  • This consolidation is reflected by both new purchases (0.6% after 26.9%) and refis (-2.9% after 43.5%).
  • The 30Y mortgage rate dipped 7bps to 7.02% after the 7.09% the prior week marked its highest since Mar 2024.
  • The increase in applications has been impressive considering the climb in mortgage rates from a recent low of 6.13% in late September, although composite applications are still only 48% of 2019 averages (new purchases 63%, refis 32%).
  • Within the details, the regular to jumbo spread held its push higher at 4bps, having last week seen the regular rate push above the jumbo rate for the first time since Nov 2023. 
image