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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
- After offering signs of green shoots in housing market activity, weekly MBA mortgage applications fell 9% last week (refis -7%, purchases -10%).
- Focusing on purchases, the eye-catching 29% surge in the prior two weeks means that applications are still 15% higher above lows from the first week of the year, yet remain historically depressed [green line].
- Little change on the 30Y mortgage rate on the week, down just 1bp to 6.19% but holding that ~100bp decline from the peak of late Oct/early Nov and 40bps lower over the month as the spread to Treasury yields narrows [red line].
- MBA Deputy Chief Econ: “The spread between mortgage rates and the 10-year Treasury has been abnormally wide since early 2022. Further narrowing of that spread is expected to put downward pressure on mortgage rates in the coming months."
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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