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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
- Composite MBA mortgage applications fell to the lowest level since 1997 last week after declining -14%, whilst purchase-only mortgages – a better guide of sales activity – cleared pandemic-disruption lows for the lowest since March 2015 and within 15% of also hitting late 1990s levels.
- It comes as 30Y mortgage rates jumped from 6.52% to 6.75% (following the rise in the marginally more timely Freddie Mac mortgage rates), to now just 11bps below 2006 highs.
- Subsequent rallies in Treasuries this week should help provide some marginal respite from a week-by-week basis (10YY at 3.68% are currently 14bps below last week’s average) but nevertheless remain consistent with a further sharp slowing in housing activity.
MBA 30Y rate (white), 10Y Tsy yield (pink), spread (red) and MBA 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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