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Mortgage Applications Continue Decline With 30Y Marginally Off Latest Cycle Highs

  • MBA mortgage applications fell -2.1% last week after -1% the week prior, led by refis (-4%) with a lighter decline in purchase applications (-1%).
  • The 30Y conforming mortgage rate inched 4bps lower but only to 7.86% after the prior week jumping 20bps to 7.90% for a fresh high since Sep 2000.
  • The level of purchase applications continues to plumb new cycle lows, extending lows since early 1995.

MBA 30Y rate (white), 10Y Tsy yield (pink) and spread (red), MBA purchase applications level (green)Source: Bloomberg

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