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MBA Drops Mention Of Jumbo Loan Related Credit Tightening

US DATA
  • The MBA market composite applications increased 5.3% last week, led by purchases +8% (refis just 0.1%) as they were boosted by a lower mortgage rate.
  • Specifically, the 30Y confirming rate was the lowest since Feb 3 after falling 10bps to 6.30%.
  • Importantly, there was no mention in the press release (here) this week of divergence between the rate for jumbo loans as a sign of credit tightening as explicitly referenced last week, with the average contract rate for jumbo loans also falling 10bps to 6.26% after a 9bp increase last week.

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