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MBA Mortgage Rate Closes In On 2006 High

US DATA
  • MBA 30Y mortgage rate contradicts the small dip in the Freddie Mac rate to rise 6bps to 6.81% last week, just 5bps off 2006 highs after which lie 2002 levels.
  • The then spread to 10Y Tsy yields stretched nearer highs of ~300bps.
  • Composite mortgage applications continued to trend lower with -2% on the week, with purchase mortgages further through pandemic lows and closing in on 2014 lows after which sit late 1990 levels.

MBA 30Y mortgage rate (white), spread to 10Y Tsy (pink) and purchase applications (green)Source: Bloomberg

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