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Second Weekly Decline In Mortgage Rate Sees Minimal Reaction

US DATA
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  • MBA composite applications ticked up 0.5% in the week to May 10 having bounced 2.6% the week prior after two consecutive declines.
  • The largely unchanged week saw conflicting drivers with purchase applications resuming declines with -1.7% whilst refis increased 4.7%.
  • There was little composite reaction to the 30Y conforming mortgage rate falling another ~10bps on the week to 7.08% having peaked at 7.29% in late April having averaged 7% through Feb-early April.
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  • MBA composite applications ticked up 0.5% in the week to May 10 having bounced 2.6% the week prior after two consecutive declines.
  • The largely unchanged week saw conflicting drivers with purchase applications resuming declines with -1.7% whilst refis increased 4.7%.
  • There was little composite reaction to the 30Y conforming mortgage rate falling another ~10bps on the week to 7.08% having peaked at 7.29% in late April having averaged 7% through Feb-early April.