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Mortgage Apps: Purchase Apps Edge Higher

November 9, 2022
Bottom Line:  Purchase applications inched higher last week, offering hints of stabilization after declining sharply since February. Average mortgage rates were higher but still bouncing around 7.25%, where they have been for nearly a month. Applications for refinancing continued to move lower, setting new historic lows. Encouragingly secondary mortgage market rates should offer support to the primary market as yields in the mortgage-backed securities stabilized and spreads to Treasuries tightened. Overall, mortgage application volumes are historically low and trending lower in the wake of nine-plus months of increasing rates.
The MBA Mortgage Application Index was nearly unchanged, DOWN -0.1% to 200.0, BELOW the 13-week average of 237.0 and -69.6% BELOW the year-ago level. Non-seasonally adjusted the index FELL slightly , DOWN -1.9%.
The Purchase Index ROSE slightly, UP 1.3% to 163.0, BELOW the 13-week average of 184.0 and -41.6% BELOW the year-ago level.
The Refinancing Index FELL -3.5% to 373.0, BELOW the 13-week average of 492.0 and -86.9% BELOW the year-ago level.
The effective (adjusted for points paid) 30-year mortgage rate ROSE 9bps to 7.36%, ABOVE the 13-week average of 6.66% and 126bps ABOVE the year-ago level.
Current coupon yields in the secondary market were up 19.0 bps last week, closing at 5.93%, and were down -8.0 bps this week through Tuesday.
Article by Contingent Macro