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Mortgage Applications Buoyed By Pullback In Mortgage Rates

US DATA
  • MBA composite mortgage applications increased a seasonally adjusted 7.1% last week.
  • It was led by refis (+12%) having previously lagged purchase applications (+5%) in recent weeks.
  • Applications have increased 17.5% over the past two weeks but are still 8% below the recent peak from mid-Jan.
  • The latest increase came with an 18bp decline in the 30Y conforming rate to 6.84%, closer to the 6.79% averaged through mid-Dec to early Feb after three weeks a little over 7%.
  • In a sign of mild tightening for larger borrowing, the regular-jumbo spread pushed a little lower to -20bps, close to its recent low of -29bps from mid-Dec.

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