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Economic Indicators
Sep 20, 2023
Bottom Line: Mortgage applications rebounded sharply last week, led by a big surprising jump in the refi index. Mortgage rates continued to hover around 7.50% adjusted for points paid on the average 30-year fixed rate. While the jump in the...
Sep 13, 2023
Bottom Line: Mortgage applications hit another new low last week, as the average 30-year fixed-rate mortgage hovered around 7.50% adjusted for points paid. Purchase volumes were a touch higher but still near historic lows. Refis, meanwhile, had been holding well...
Sep 6, 2023
Bottom Line: Mortgage applications hit another new low last week, despite a retreat in mortgage rates back below 7.50%. Averaging 7.41%, adjusted for points-paid, the 30-year fixed-rate mortgage was still 54 basis points above its one-year average, hampering affordability. The...
Aug 23, 2023
Bottom Line: Mortgage activity fell again last week, hitting a record low as the average 30-year fixed-rate mortgage pushed above 7.50%. While secondary mortgage market spreads to Treasuries stabilized in the last week, Treasury yields continued to push higher. Purchase...
Aug 16, 2023
Bottom Line: Mortgage activity fell again last week as mortgage rates pushed higher amid continued spread widening in the secondary market. 30-year fixed-rate mortgages averaged nearly 7 3/8% (adjusted for points paid) as the current coupon spread in the secondary...
Aug 9, 2023
Bottom Line: Mortgage activity fell again last week as mortgage rates pushed higher. 30-year fixed-rate mortgages averaged over 7 1/4% (adjusted for points paid) for only the second time since the highs seen in 4Q22. The purchase index neared its...
Aug 2, 2023
Bottom Line: Mortgage activity fell again last week as mortgage rates pushed higher. Averaging 7 1/8% adjusted for points paid in July, mortgage rates were 3/8ths of a point above their one-year average. Moreover, the 7% rate has proven an...
Jul 12, 2023
Bottom Line: Mortgage activity fell last week by about 20%, almost exactly the reduction in the workweek for the 4th of July holiday. That left the headline number nearly flat, a rather impressive reading given the violent move higher in...
Jul 6, 2023
Bottom Line: Mortgage activity fell in the week leading into the 4th of July holiday, which many people took as an extended long weekend. The MBA makes no adjustments for seasonal events when there is no clear impact on the...
Jun 28, 2023
Bottom Line: Mortgage activity rose modestly again last week as mortgage rates held below 7% on the average 30-year fixed-rate and housing activity continued to show signs of bottoming. Applications for purchases and refinancings rose. Secondary mortgage spreads to Treasuries...
Jun 21, 2023
Bottom Line: Mortgage activity rose slightly on an uptick in purchase applications as housing activity continues to show signs of bottoming. Refinancing applications were modestly lower, despite a slight decline in mortgage rates. The average 30-year fixed-rate mortgage fell eight...
Jun 14, 2023
Bottom Line: The 7% level on the average 30-year fixed-rate mortgage has proven to be a remarkable barrier to mortgage activity. Rates fell below it, averaging 6.96% last week, and activity jumped. While we should caveat that seasonal adjustments have...
Jun 7, 2023
Bottom Line: The average 30-year fixed-rate mortgage fell to 7% last week after hitting 7.15%, the highest level of this year. But mortgage applications were still down slightly as the sudden surge in rates in the last few weeks continued...
May 31, 2023
Bottom Line: The average 30-year fixed-rate in the primary mortgage market blew through 7%, hitting 7.15% last week as secondary mortgage market spreads to Treasuries widened sharply. As we said in recent weeks, holding below the psychologically important 7% rate...
May 24, 2023
Bottom Line: The average 30-year fixed-rate mortgage rose sharply again last week. And the average rate edged slightly higher in the first two days of this week but was holding just below the psychologically important 7% level. Applications fell for...
May 17, 2023
Bottom Line: The average 30-year fixed-rate mortgage edged higher last week, up 6.74%, as spreads to Treasuries in the secondary market remained near the widest levels of the year. Applications fell for both purchased and refis. Still, we continue to...
May 10, 2023
Bottom Line: Primary mortgage rates were steady last week as secondary mortgage market yields edged lower (and were lower still through yesterday). That helped push mortgage applications higher, led by a continued rebound in refinancing activity. While wide spreads to...
May 3, 2023
Bottom Line: Mortgage rates stabilized into month-end after rising in the 2nd half of April, and mortgage applications were slightly lower amid continued uncertainty in the regional banking sector. Secondary mortgage spreads to Treasuries continued to widen as markets expect...
Apr 26, 2023
Bottom Line: Mortgage rates continued to move higher last week, averaging nearly 6 3/4% adjusted for points paid. Applications rebounded modestly, though, led by applications for purchases. Secondary mortgage yields have managed to move lower this week, despite the threat...
Dec 27, 2023
As we visit this year’s most popular BIDs, we look at this article from Feb 8 on faster payments: The FedNow® Service works between financial institutions, in contrast to consumer-centric payment apps. We take a deep dive into the details.