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US DATA: Still Only Limited Boost In New Purchase Mortgage Applications

US DATA
  • MBA composite mortgage applications increased a seasonally adjusted 1.4% last week after the 1.6% the week prior.
  • New purchase applications led the way again (1.8% after 3.3%) whilst refis lifted after a recent softer patch (0.9% after -0.3%) although that is following a marked step higher back in early August.
  • New purchase applications are starting to show marginally more traction after sizeable declines in mortgage rates, although they are only back to July levels.
  • The 30Y conforming mortgage rate fell 14bps to 6.29%, down a full 100bps from the recent high of 7.29% from April for its lowest since Feb 2023.
  • The regular-jumbo loan spread lifted slightly from -30bps to -27bps but remains depressed in a sign of some relative tightening in standards to larger loans. 

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