Daily Newsletter: Wednesday, July 12, 2023

Daily Newsletter: Wednesday, July 12, 2023

Delivered to over 70,000+ industry professionals each day, the Daily Newsletter is the definitive summary of the most relevant mortgage and real estate news and data of the day. View our latest newsletter below. View our latest newsletters below, or use the date selector to view our previous newsletters. The Mortgage Bankers Association (MBA) reported an uptick in mortgage application volume during the week ending July 7. The seasonally adjusted MBA Composite Market Index rose 0.9 percent on a seasonally adjusted basis compared to a week earlier, though it required additionally adjusted accounting for the Independence Day holiday to push it into positive territory. On an unadjusted basis, the index decreased by 19 percent compared to the previous week. The refinancing index is down 1.0 percent from the previous week and down 39 percent from the same week a year ago. The share of mortgage refinancing activity fell to 26.8 percent of total applications from 27.4 percent. [refiappschart] The seasonally adjusted Purchasing Index rose 2.0 percent from the previous week but fell 19 percent before adjustment. Orders were 26 percent lower than their level in the same week in 2022. [purchaseappschart] “Upcoming economic data continues to send mixed signals about the economy,” said Joel Kahn, MBA Vice President and Deputy Chief Economist. “Overall Impact [left] Treasury yields were higher last week as markets anticipate that the Federal Reserve will need to keep interest rates higher for longer to slow inflation. All mortgage rates in our survey followed suit, with the 30-year fixed rate rising to 7.07 percent, the highest level since November 2022. The jumbo rate also rose to 7.04 percent, a record for the jumbo chain, which goes all the way back to 2011. ”

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