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Mortgage Applications Rise Despite Higher Rates, Especially Jumbo Loan Rates

US DATA
  • MBA mortgage applications increased a seasonally adjusted 3.3% last week after a flag week prior.
  • Purchases bounced (+5.0% after -4.7%) whilst refis pausing after a strong increase (+0.5% after +9.9%).
  • The overall increase came despite the conforming 30Y mortgage rate increasing 12bps to 7.13% for its highest since early December.
  • In a sign of some tightening over the week, the regular to jumbo spread fell from -12bps to -27bps (the jumbo loan rate increased 27bps over the week), its lowest since mid-Dec and before that in early 2021.

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