Free Trial
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
- Mortgage applications surged 28% higher in the first full week of the year to Jan 13 (refis 34%, purchases 25%), compared to the prior week that included the New Year’s holiday observance.
- That said, whilst there may have been a holiday distortion to prior data, it followed a 1.2% increase in composite applications rather than a heavy decline, suggesting a more genuine improvement in housing activity even if activity levels remain extremely depressed [see purchase applications, green line below]. It is however just one week of increase.
- Mortgage rates are a big reason, with the average 30Y rate down another 19bps to 6.23%, the lowest since Sep'22 and about 1pp below the peak last fall.
- MBA’s Fratantoni: “As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”
MBA 30Y rate (white), 10Y Tsy yield (pink) and level of purchase applications (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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok