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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
- The Freddie Mac 30Y mortgage rate has dropped from 5.30% to 4.99% this week, the lowest since early April whilst warning of more volatility ahead.
- It has cooled from a peak of 5.81% in late June with the spread to 30Y Tsy yields narrowing 60bps in the process, after a slump in mortgage demand with separate MBA purchase mortgage applications the lowest since 2016 barring the lockdown months.
- Mortgage rates are still extremely elevated though – Bloomberg estimate a $300k 30Y mortgage costs an additional $326/mth compared to the end of last year – and will continue to weigh on housing sectors with attention on a potential jobs hit at tomorrow’s payrolls report having so far been relatively robust.
Freddie Mac 30Y (yellow), MBA 30Y (green) and Freddie Mac to 30Y Tsy yield spread (red]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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