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Mortgage Market Steps Back

Mortgage News

New purchase activity led a decline in overall mortgage activity this week as the 30-year edged up and the jumbo spread improved.

New mortgage activity was down 15 percent this week based on the Mortech-Mortgage Daily Mortgage Market Index for the seven days ended Wednesday, which fell to 182 from previous week’s 213.

During the same week last year, the index was 224.

This week’s activity reflected a 16 percent drop in the Purchase MMI and a 13 decline in refinance business.

The refinance share climbed to 51 percent from last week’s 49 percent and was also higher than 48 percent a year ago. This week’s share reflected a 36 percent rate-term share and a 15 percent cashout share.

The conforming 30-year fixed rate was 4.951 percent this week, rising from last week’s 4.924 percent and from last year’s 4.875 percent.

The conforming 15-year averaged 4.210 percent, up from last week’s 4.180 percent. The spread between the 15-year and the 30-year was 74 BPS, the same as the week before.

The jumbo 30-year fixed rate was unchanged from a week ago at 5.650 percent. The jumbo-conforming spread narrowed to 70 BPS from 73 BPS last week.

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