Posted on 07/10/2024 4:24:40 AM PDT by Kaiser8408a
That’s the way Biden likes it! Dependence on the Federal government. The MBA data is adjusted for Dependence Day.
Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 5, 2024. Last week’s results included an adjustment for the July 4th holiday.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 20 percent compared with the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index decreased 19 percent compared with the previous week and was 13 percent lower than the same week one year ago.
The Refinance Index decreased 2 percent from the previous week and was 28 percent higher than the same week one year ago.
Mprtgage prepays fell less than daycoiunt.
But on;y high-coupn GNMAs prepayments sped up.
Finally, most out-of-the-money loans are now fully seasoned.
And a bigger wave of refi-eligible Ginnies are cpming up! So watch out if Powell and The Gang lower rates. Prepayment boogie!!
58% expect a new refi wave to start in 2025.
(Excerpt) Read more at confoundedinterest.net ...
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