MBA Mortgage Applications declined -7.2% (-14.9% YoY), the largest decline this month, following the prior week’s gain of +0.2%. Purchases fell -2.6% vs. -1.5% prior (-11.7% YoY) and Refinancing slumped -10.7% vs. +1.4% prior (-17.2% YoY). The average rate for a 30-Year conforming loan increased +2 bps to 4.27%. June Wholesale inventories rose +0.3% with a +0.2% gain in sales, leaving the stock-to-sales ratio unchanged at 1.17. Consensus for July Wholesale inventories is for a +0.5% advance and for a +0.6% advance in sales. Treasuries continue to slide pushing 10-Year yields to the highest levels seen in 3 months on speculation that the Fed will raise rates sooner than expected. The curve has bear steepened with 2s10s up +2.2 bps.
GNMA Issuer Fannie Mae and Freddie Mac Direct Lender Licensed throughout the U.S. and Puerto Rico Privately Held Mortgage Bank for Over 32 Years Excellent Underwriting / Funding Turn Times
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