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US DATA: Lower Rates Increasingly Stoking Mortgage Activity

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Further declines in mortgage rates have seen another lurch higher in refinancing activity and, starting to be of more note, some greater reaction in new purchase applications.
  • MBA composite applications increased a strong 14.2% last week (sa) after three modest increases averaging 1.2%.
  • Refis jumped 24% to continue some recent sharp increases which have then been followed by only partial reversals and plateauing. It leaves refis at the highest since Apr 2022 although they’re still only back to 54% of average 2019 levels.
  • New purchase applications meanwhile increased a solid 5.4% last week for a fourth consecutive weekly increase and its fastest weekly climb since early June. They’re up to 56% of 2019 levels.
  • The 30Y conforming rate fell another 14bp to 6.15%, their lowest since Sep 2022 after a 114bp decline from the recent high of 7.29% in late April. 
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  • Further declines in mortgage rates have seen another lurch higher in refinancing activity and, starting to be of more note, some greater reaction in new purchase applications.
  • MBA composite applications increased a strong 14.2% last week (sa) after three modest increases averaging 1.2%.
  • Refis jumped 24% to continue some recent sharp increases which have then been followed by only partial reversals and plateauing. It leaves refis at the highest since Apr 2022 although they’re still only back to 54% of average 2019 levels.
  • New purchase applications meanwhile increased a solid 5.4% last week for a fourth consecutive weekly increase and its fastest weekly climb since early June. They’re up to 56% of 2019 levels.
  • The 30Y conforming rate fell another 14bp to 6.15%, their lowest since Sep 2022 after a 114bp decline from the recent high of 7.29% in late April.