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US DATA: Another Step Higher In Mortgage Refinancing

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America

Composite applications increased 11% last week (sa) after 14.2% the week prior as refinancing applications continue to respond to the reduction in interest rates. 

  • Refi applications increased another 20% after the 24%, whilst new purchase application increased 1.4% after an unusually strong 5.4% compared to recent months.
  • Refis set fresh highs since Apr 2022 and are at 65% of their 2019 average vs 57% for new purchases.
  • Since recent lows seen in July, composite applications have increased 47%, with 12% for new purchases vs 99% for refis.  
  • The 30Y mortgage rate dipped 2bps to fresh recent lows of 6.13%, 116bp lower than the April peak.
  • In further signs of tightening of some lending standards, the 30Y jumbo loan rate increased 6bps to 6.47%, with the spread of -34bps at fresh recent lows for levels last seen in late 2020. 
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Composite applications increased 11% last week (sa) after 14.2% the week prior as refinancing applications continue to respond to the reduction in interest rates. 

  • Refi applications increased another 20% after the 24%, whilst new purchase application increased 1.4% after an unusually strong 5.4% compared to recent months.
  • Refis set fresh highs since Apr 2022 and are at 65% of their 2019 average vs 57% for new purchases.
  • Since recent lows seen in July, composite applications have increased 47%, with 12% for new purchases vs 99% for refis.  
  • The 30Y mortgage rate dipped 2bps to fresh recent lows of 6.13%, 116bp lower than the April peak.
  • In further signs of tightening of some lending standards, the 30Y jumbo loan rate increased 6bps to 6.47%, with the spread of -34bps at fresh recent lows for levels last seen in late 2020.