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Mortgage Applications Shrug Off Further Increase In Rates

US DATA
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  • MBA mortgage applications fell a seasonally adjusted 2.7% M/M last week after increasing 3.3% the prior week.
  • Declines were led by refis (-5.6% after +0.5%) whilst purchases dipped -1.0% after +5.0%.
  • The 30Y conforming mortgage rate increased a further 11bps on the week to 7.24%, its highest since late November.
  • Mortgage rates have increased 33bps since late March yet composite applications are surprisingly 0.6% higher over that period (albeit still less than 50% of 2019 levels).
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  • MBA mortgage applications fell a seasonally adjusted 2.7% M/M last week after increasing 3.3% the prior week.
  • Declines were led by refis (-5.6% after +0.5%) whilst purchases dipped -1.0% after +5.0%.
  • The 30Y conforming mortgage rate increased a further 11bps on the week to 7.24%, its highest since late November.
  • Mortgage rates have increased 33bps since late March yet composite applications are surprisingly 0.6% higher over that period (albeit still less than 50% of 2019 levels).