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US DATA: Mortgage Refi Applications See Early Sensitivity To Higher Rates

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • MBA composite mortgage applications unsurprisingly fell back last week as refis showed some early sensitivity to higher rates.
  • Overall applications were -5.1% last week (sa) to build on the -1.3% the week prior after two particularly strong refi-driven increases of 11% and 14.2%.  
  • Refis were -9.3% but are still almost 90% above early July levels, whilst new purchase applications were broadly flat (-0.1%) after six weekly increases worth a cumulative 14%. 
  • The 30Y conforming mortgage rate increased 22bps to 6.36% after three weeks averaging 6.14%, rates that had been 115bp lower than the April recent high of 7.29%.
  • A smaller 14bp increase in the jumbo loan rate to 6.64% saw some reversal of relative tightening, with the regular to jumbo spread increasing to -28bps after the prior week’s -36bps was the lowest since Jun 2020. 
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  • MBA composite mortgage applications unsurprisingly fell back last week as refis showed some early sensitivity to higher rates.
  • Overall applications were -5.1% last week (sa) to build on the -1.3% the week prior after two particularly strong refi-driven increases of 11% and 14.2%.  
  • Refis were -9.3% but are still almost 90% above early July levels, whilst new purchase applications were broadly flat (-0.1%) after six weekly increases worth a cumulative 14%. 
  • The 30Y conforming mortgage rate increased 22bps to 6.36% after three weeks averaging 6.14%, rates that had been 115bp lower than the April recent high of 7.29%.
  • A smaller 14bp increase in the jumbo loan rate to 6.64% saw some reversal of relative tightening, with the regular to jumbo spread increasing to -28bps after the prior week’s -36bps was the lowest since Jun 2020.