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Mortgage market updates show a rise in purchase mortgage applications and a drop in the 30-year mortgage rate in the US. Weekly mortgage refinance demand increased after a slight dip in rates. Altos data indicates a growth in homes on the market affecting future sale prices. Various economic reports and Fed speakers are scheduled for tomorrow, including Wholesale Inventories and speeches by Fed officials.
Some borrwers were quick to spring into action, with applications for purchase loans rising by a seasonally adjusted 2 percent and requests to refinance up 5 percent week over week. https://t.co/thOreDZ8EF
Useful anecdote from the mortgage front lines. Definitely corresponds to our latest Altos new pendings data. Keep your eyes on the MBA index next week to see if that needle moves too. https://t.co/7neEyPTVO0
Here's a different view of the MBA purchase mortgage applications index, which ticked up this week to 144.2, still running below last year. In February, I thought we might be on our way to a recovery this year, but then rates promptly jumped over 7% again. https://t.co/0pM2STMPAi
