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Mortgage Applications Reverse Latest Increase As Rates Tick Back Above 7%

US DATA
  • MBA composite mortgage applications fell a seasonally adjusted 2.6% last week.
  • It more than reverses the prior two weekly gains although only chips away at the 15.6% jump three weeks ago.
  • The latest decline was led by purchases (-3.3%) compared to refis (-1.5%) after purchases outperformed the previous two weeks.
  • The downward pressure on applications came as the 30Y conforming rate increased 10bps to 7.03% after two weeks just under the 7% handle.
  • Having shown some sign of relative tightening in mid-May to mid-June, the regular-jumbo spread has increased to -8bps for its joint highest reading of the year-to-date.

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