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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
- Weekly MBA mortgage applications bounced last week to mostly unwind the prior week’s drop and leave a ~35% recovery off late Dec lows. It’s still historically depressed though, unsurprising with rates still above 6%.
- On the week, the 7.4% increase in total applications was again led by refis (+18%) with much steadier purchases (+3%, purchase levels shown in green line).
- The recent decline in the 30y conforming mortgage rate levels off further, down only 1bp to 6.18%, but it’s down circa 100bps from last year and could continue to see further declines if the spread to 10Y Treasuries continues to narrow ahead [red line].
MBA 30y mortgage rate (white), spread to 10Y Tsy yields (red) and level of purchase applications (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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