Free Trial

Mortgage Applications Surprisingly Resilient

US DATA
  • MBA mortgage applications rose for a third consecutive week last week, driven by a rebound in refis but with purchases also holding onto a strong rise in the prior week.
  • The 30Y contract rate may have dipped 14bps over the week to 5.84% but still rose 51bps over the past month alone and more than 250bps in the year to date.
  • Whilst depressed by post-pandemic standards, the level of mortgages for new purchases is close to those averaged through 2018-19, with borrowers likely stretching themselves that much further at current rates.

MBA 30Y contract rate (yellow) vs 30Y US Tsys (pink), and MBA purchase level index (red)Soruce: Bloomberg

To read the full story

Close

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.