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Mortgage Application Resilience But Rates Still Take Toll

US DATA
  • MBA mortgage applications bounced a seasonally adjusted 2.7% last week, with purchases +4%.
  • It comes as the 30Y rate sees its largest single-week decline since July from 7.14% but still 6.90%.
  • High rates still clearly weighing though:
    • the average purchase loan was the smallest since Jan'21 (potentially as purchasers use increasingly large deposits, lowering other savings that could otherwise have been drawn down to support consumption)
    • the level of purchase applications remains at levels last seen in early 2015
    • and refinancing activity is hammered (-88% Y/Y).
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