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On the heels of the 10Y treasury yield breaking out of its recent range to its highest since July 2011, this morning’s mortgage applications data shows directly how Bill Gross may be right that the economy may not be able to handle The Fed’s ongoing actions. As Wolf Richter notes, the 10-year yield functions
Mortgage applications surged an impressive 26.8% wow – the largest jump since Jan 2015 – led by a massive spike in refis as mortgage rates tumbled alongside the Treasury market. 30Y rates dropped back below 4.00% – the lowest since Jan 2018. Prompting a sudden 46.5% surge in refinancing activity (which we saw also saw in early March) and purchases rose 10.0% (after falling the prior week).
The mini-surge in refinancing, even if it is only short-lived, will be a boost for banks like Wells Fargo and JPMorgan Chase that are big mortgage lenders. Rates would need to continue falling to keep the current refinance boom going through another quarter, Jack Micenko, an analyst at Susquehanna International Group LLP, told the Journal.
Rising borrowing costs are dampening U.S. refinancing activity, with its weekly share of mortgage applications falling to the lowest level since August, the Mortgage Bankers Association said on.
Prime Foreclosure Starts Surge Past Subprime in July Mortgage rates plummet to new lows Mortgage rates on a conventional 30-year fixed loan dropped one-one-hundredth of one percent lower for the week on average to a new historic low, according to Freddie Mac. The 4.57% average prompted a wide increase in home refinancing. "With mortgage rates falling to historic lows, refinance.Arch MI unfolds two new tech solutions Staff Picks Searchable Acquisitions Table – Bandon Library. – In this lyrical, exuberant follow-up to her novel, The Bastard of Istanbul, acclaimed Turkish author Elif Shafak unfolds two tantalizing parallel narratives-one contemporary and the other set in the thirteenth century, when Rumi encountered his spiritual mentor, the whirling dervish known as Shams of Tabriz-that together incarnate the poet.There are, however, a lot of homebuyers taking out mortgages that are under-equitied from the start. to those seen earlier among both prime and subprime first mortgages. black knight released its.Donovan: Sequestration could devastate Fed housing programs Department of Housing and Urban Development cuts will force staff reductions that could slow FHA loan approvals and curtail programs such as foreclosure counseling, according to hud secretary shaun donovan. If FHA lending drops by the same rate as HUD’s budget, it could shave about 2 percent off U.S. home sales this year.
There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low.. refinance applications surge 35% on low rates.
Refinance volume jumped 29.6 percent while purchase volume edged up 1.5 percent. The trade group’s application index remains below its peak of 1,856.7, reached in May 2003 at the height of the housing.
Mortgage applications for both purchase and refinance were up last week, just days after the U.S. Federal Reserve raised its benchmark interest rate by .25 percent. Applications for a new mortgage increased 7.3 percent over the previous week, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications Survey for the week ending December 18, 2015.
ZeroHedge News. Mortgage applications surged an impressive 26.8% WoW – the largest jump since Jan 2015 – led by a massive spike in refis as mortgage rates tumbled alongside the Treasury market. 30Y rates dropped back below 4.00% – the lowest since Jan 2018. Prompting a sudden 46.5% surge in refinancing activity (which we saw also saw in early March) and purchases rose 10.0% (after.