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Free AccessMBA Mortgage Applications Rose Last Week, With Questions Over Originations
- MBA mortgage applications ticked up 3% last week (refis 5%, purchases 2%) as the 30Y conforming mortgage rate fell a further 23bps to 6.48% amidst Treasury market volatility.
- MBA Deputy Chief Econ: “However, mortgage rates have not dropped as much as Treasury rates due to increased MBS market volatility. The spread between the 30-year fixed and 10-year Treasury remained wide at around 300bps, compared to a more typical spread of 180bps.”
- The mortgage rate is within its recent range of the high of 7.16% from Oct and latest low of 6.18% from early Feb.
- However, being just applications and not originations, it doesn’t give a full steer on the degree of tightening in lending conditions that is expected amidst the regional banking crisis.
MBA mortgage rate (white), spread to 10Y Tsy yield (red) and purchase applications index (green)Source: Bloomberg
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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.