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Renewed Mortgage Rate Increase Clips Mortgage Applications

  • MBA mortgage applications fell 4.4% in the week to Jun 30 (refis -4%, purchases -5%) after three weekly increases as mortgage rates edged lower.
  • The 30y conforming mortgage rate reversed those recent declines with a 10bp increase to 6.85% as it pushed back nearer recent highs and kept the spread to Tsys at an elevated ~300bps.
  • Within the details, an unchanged 30y rate for jumbo loans at 6.95% saw no further changes in relative lending conditions for that particular segment, after notably tightening in recent weeks. The -10bps for regular less jumbo is still the lowest since Aug’21.

MBA 30y (white), 10Y Tsy (pink), spread (red) and purchase applications level (green)Source: Bloomberg

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