Washington DC:There is rare pick points get in Mortagage Appilcations,because Mortgage application volume rose 9.6% last week compared with the previous week, according to the Mortgage Bankers Association.This means on an unadjusted basis, the index jumped 9.6% for the week ending on Nov. 8, 2019.“Mortgage applications increased to their highest level in over a month, as both purchase and refinance activity rose despite another climb in mortgage rates,” said Joel Kan, MBA’s vice president of economic and industry forecasting. “Positive data on consumer sentiment and growing optimism surrounding the U.S. and China trade dispute were behind last week’s rise in the 30-year fixed mortgage rate to 4.03%.
Despite this acceleration, Kan said refinance applications jumped 13% to the highest level in five weeks, as conventional, FHA, and VA refinances all posted weekly gains. With rates still in the 4% range, the MBA expects to see moderate growth in refinance activity in the final weeks of 2020, he said.Mortgage rates were volatile in October and are now at their highest level in three months and could move steadily higher, given the increase in bond yields. Mortgage rates loosely follow the yield on the 10-year Treasury.
All of the above could be part of a bigger shift away from the prevailing trend toward lower rates and into a new trend of rising rates,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “This newer, unfriendlier trend arguably tried to make an appearance in mid-September but was quickly shut down as rates nearly returned to the super-long-term lows seen earlier that month.