Mortgage applications tick up 1.6% for week as refis grow

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While the Fed’s magical money transmission mechanism in mortgages (and thus housing ‘wealth’) broke in the middle of last year, this last week’s move is a perfect summary of the sensitivity of whatever is left of the recovery. Mortgage rates rose a mere 5bps but this triggered a 7% plunge in refinancing activity.

Mortgage apps rise – and so do refis. According to the Weekly Mortgage Applications Survey, mortgage applications were up 4.1 percent last week. This morning we’ve had last week’s mortgage applications data. Overall apps were -1.6%, but refis were the bulk of that and continue to slide, down over 4% and are down 33% versus a year ago.

Mortgage Applications fell 1.8% during the Labor Day week as purchases increased 1% and refis fell 6%. The refi index is now at an 18 year low. We saw a 5 basis point increase in rates, which drove the drop in refis. As rates rise, cash-outs, fixed-for-ARM, and FHA for conventional are about the only game in town.

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fixed-rate mortgages fell 17 basis points to 3.82 percent this week according to Freddie Mac. This is the sixth straight week of declines, leaving mortgage rates at the lowest level since September 2017. Mortgage applications rose last week, driven by an increase in refinance applications in response to the steep decline in mortgage rates.

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Mortgage applications declined for the week ending August 23. Purchase apps were down by 4.0 percent and refi apps were down 7.6 percent, coming off a surge in early August. On a four-week moving-average basis, refis are up 165 percent over the same period a year ago. Purchase apps are up by 6.3 percent over the last year.

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Turning to today, MBA mortgage applications for the week ending December 7 kicked off today: +1.6% (refis at 41.5% of apps), the Consumer Price Index for November came in flat, core +.2%, as expected.

But speaking of calendars, we end this week on. the remaining mortgage balance. It is this assumption of cash flows which determine your secondary marketing’s sell price, and sometimes a key.

The Market In 5 Minutes.. Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1. US MBA mortgage market applications 1.5% vs -1.6% prior;.