Mortgage applications tick up 1.6% for week as refis grow

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Applications for U.S. mortgage loans jumped to a two-month peak in the latest week, according to the Mortgage Bankers Association. The MBA’s mortgage application index rose 1.6% to a reading of 390.0 in the week ended March 15, the highest point since the week of Jan. 18.

The unemployment rate, though, is expected to tick back up to 4.6% from 4.5%. Click here to get today’s latest mortgage rates (Sep. 8, 2019). The jobs report is almost always the biggest market moving piece of economic data out every month, and it always poses a threat to mortgage rates.

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Up a little, down a little. 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.

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.

USD MBA Mortgage Applications -4.3% . 11:30:. NY Fed’s GDP Nowcast ticks up to 1.6% for third-quarter By Eren. The EU is ready to grant a Brexit extension as Johnson faces growing criticism.

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.

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Warren Buffett This week’s price action was. indicative of non-farm payrolls growing by 130,000 in April, well below the 198,000 average indicated in the first quarter." March retail sales.

Increases in the number of mortgage applications have tapered off during the March quarter, according to the latest data from consumer credit reporting agency Equifax. The annual rate of growth in home loan applications eased to +4.3% year-on-year in the first quarter this year, down from +6.6% from.

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.