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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
- MBA mortgage applications fell -8.8% last week (purchases -10%, refis -10%) as the 30Y conforming mortgage rate pushed 13bps higher to 6.43% to more than unwind the prior week’s 10bp decline.
- Buoyed by the mortgage rate still some 36bps below early March levels (and 73bps below the Oct peak), purchase applications are still 12% above late Feb lows but remain historically depressed near lows otherwise last seen in the late 1990s.
- With the jumbo loan rate only increasing 2bps to 6.28%, the spread pushed back to +15bps after prior narrowing had been seen as a sign of tighter credit conditions.
30Y contract rate (white), 30Y jumbo contract rate (yellow) and spread (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.
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