Mortgage applications decreased 11.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 19, 2021.
The Refinance Index decreased 11 percent from the previous week and was 50 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 12 percent from one week earlier. The unadjusted Purchase Index decreased 8 percent compared with the previous week and was 7 percent higher than the same week one year ago.
Mortgage purchase applications are lower this year than last year, due to rising mortgage rates and the Texas cold snap.
All eyes are on the 10-year Treasury yield and mortgage rates as they climb.
The US Treasury yield curve slope (10Y-3M) keeps on rising.
Fed Chair Powell. Hardly an inspiring presence.
On a side note, I was a guest on Stuart Varney’s show “Varney and Company” where I said “watch out if interest rates start to rise.” Here we go!