Mortgage Rates Increase, Further Escalation Ahead
On a month-over-month basis, mortgage rates were slightly worse. But the deterioration deepened on a week-over-week basis. Further increases are likely.
Mortgage Applications Rise 1st Time in 4 Weeks
Mortgage applications improved for the first time in four weeks. As rates ascended to the highest level in seven years, more prospective borrowers opted for an adjustable-rate.
|ARMs Lead Weekly Mortgage Biz Up, Record ARM Share
New mortgage business really picked up from the holiday week. The strongest showing was with adjustable-rate mortgages -- with ARM share coming in wider than any prior week in at least nearly a decade. The jumbo-conforming rate spread widened.
Solid Jobs Report Pushes Up Mortgage Rates
Mortgage rates deteriorated this past week, and last week's solid jobs report ensures that further increases are ahead. Adjustable-rate mortgage indices saw disparate movement.
Mortgage Apps Down as Refis Plunge to 17-Year Low
Applications for purchase-money mortgages accelerated during the holiday week. But a plunge in refinance applications to the lowest level in more than 17 years dragged down overall activity.
|Mortgage Biz Off 4 Wks in Row Despite Purchase Bump
New mortgage business retreated for the fourth consecutive week, with the holiday dragging down the latest seven-day period. Even more significant was the year-over-year decline. Cashout and veterans activity were the slowest since last year. But one bright spot was purchase-money business.
Mortgage Rates Remain Stable, No Change Likely
Again, there was little week-to-week movement in interest rates on home loans. The upcoming week is likely to continue the trend and see rates stay within a narrow range. Indices for adjustable-rate mortgages moved higher.
Dip in Refi Mortgage Apps Offsets Purchase Bump
Heading into the holiday weekend, mortgage application volume held steady. Purchase-money activity was up, and refinances were lower -- though refinance share was the widest it's been in nearly six months. Veterans' share was the thinnest it's been in over three months. The jumbo-conforming spread widened.
|Cashouts Drive Up Weekly Refis, Purchases Sink|
A sharp increase in weekly cashout share drove overall refinances significantly higher. But the volume of new purchase-money business turned significantly lower ahead of the holiday weekend -- leading a drop in overall business and also way down from a year ago.
Mortgage Rates Little Changed, More of Same Ahead
Over the past week, there was little change in interest rates on home loans. During the next week, more of the same is likely. Recently rising rates have helped the Federal Home Loan Banks' earnings.