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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
- MBA composite mortgage applications fell 3% last week, equally seen across both refis and purchases after the prior two weeks of relative resilience from refis.
- It comes as the 30-year conforming mortgage rate ticked up 6bps to 6.93% to remain at the high end of recent ranges vs the cycle high of 7.16% from back in October.
- The spread to jumbo loans is back into positive territory at +4bps after a recent dip to as low of -16bps in late June in what had been seen as a tightening of lending conditions.
- The level of purchase applications is now just 6% off February’s lows that otherwise were the lowest since the late 1990s [green line in chart below]
30-y conforming mortgage rate (white), 10Y Tsy yield (pink) and spread (red) with purchase applications level index (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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