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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.
US DATA
- MBA composite mortgage applications fell -4.2% last week (refis -3%, purchases -5%).
- It came as the 30Y mortgage rate increase 15bps to 7.31% for the highest since 2000, after the 7.16% the prior week tied with October’s high for the highest since 2001. The rate shouldn’t have come as too much of a surprise as mortgage rates maintained the ~300bp spread to 10Y Treasury yields.
- As noted in recent weeks, purchase applications have been pushing lower towards February’s cycle lows and the latest -5% drop pushed them through it for the lowest since 1995.
30Y mortgage rate (white), 10Y Tsy yield (pink), spread (red) and purchase applications level (green)Source: Bloomberg
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.
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