Last week’s MBA Mortgage Applications fell, for the third consecutive week, down -0.9% (-19.2% YoY) vs. -2.6% prior and -6.6% in the week ending October 24th. Purchases rose +1.1% vs. +2.6% prior (-11.1% YoY), Refinancing fell -1.9% vs. -5.5% prior (-23.4% YoY) and the average interest rate for a conforming conventional loan rose +2 bps to 4.19% (4.44% a year ago). August Wholesale Inventories increased by +0.7% against a sharp -0.7% decline in sales. The mismatch drove the stock-to-sales ratio up to 1.19 from 1.17 for, the highest reading since February. September Wholesale Inventories is expected to edge up +0.2% against a -0.1% dip in Sales. The curve has bull flattened with 2s10s down -0.2 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
This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, price, guidelines, fees, costs, terms and conditions are subject to change without notice.