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Mortgage Applications With Further Housing Market Green Shoots

US DATA
  • MBA mortgage applications built on last week’s 28% surge in the first full week of the year, increasing a further 7% but this time more heavily tilted towards refis rather than across purchases as well (refi 15%, purchase 3%).
  • Only a small change on the week for the 30Y mortgage rate, -3bps to 6.20%, but now down 38bps from the turn of the year and almost 100bps lower than late Oct/early Nov peaks.


Level of purchase applications (green), MBA 30Y contract rate (white) and 10Y Tsy yield (purple)Source: Bloomberg

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