MBA Mortgage Applications reversed three consecutive weeks of advancement last week, posting a -6.6% decline vs. +11.6% prior (-20.1% YoY). Purchases fell -5.0% vs. -4.8% prior (-15.4% YoY) and Refinancing fell -7.4% vs. +23.3% prior (-22.4 YoY). The average rate for a 30-Year conforming mortgage rose +3 bps to 4.13% vs. 4.10% prior. At 11:00 AM (PDT)the Fed is expected to announce the end of QE3 while maintaining the current Fed Funds Rate. While the asset purchase reduction is expected, we watch for wording changes in their statement to hint at when future rate hikes will take place. The curve has bear flattened with 2s10s down -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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