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MBA Mortgage Applications Flat On Conflicting Forces

US DATA
  • MBA composite mortgage applications increased marginally last week (0.1%) after -0.6%, with a return to conflicting forces, this time from declining purchase applications (-4.7%) and higher refis (+9.9%).
  • Purchases are at 54% of 2019 levels vs 29% for refis.
  • The 30Y conforming rate increased 10bps to 7.01%, back just above 7% having seen similar levels in late Feb/early Mar and before that December.
  • However, the conforming-jumbo spread has pulled back from recent lows of -21bps and is back to -12bps, a mild relative easing.
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  • MBA composite mortgage applications increased marginally last week (0.1%) after -0.6%, with a return to conflicting forces, this time from declining purchase applications (-4.7%) and higher refis (+9.9%).
  • Purchases are at 54% of 2019 levels vs 29% for refis.
  • The 30Y conforming rate increased 10bps to 7.01%, back just above 7% having seen similar levels in late Feb/early Mar and before that December.
  • However, the conforming-jumbo spread has pulled back from recent lows of -21bps and is back to -12bps, a mild relative easing.