Morning Report: Refinances rebound

Vital Statistics:


Last Change
S&P futures 2917.25 5.85
Eurostoxx index 388.92 -0.35
Oil (WTI) 64.39 0.34
10 year government bond yield 2.61%
30 year fixed rate mortgage 4.32%


Stocks are higher this morning as bank earnings continue to come in. Bonds and MBS are down on stronger-than-expected data out of China.


Mortgage Applications fell 3.5% last week as purchases rose 1% and refis fell 8%. “Mortgage applications decreased over the week, driven by a decline in refinances,” said Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting. “With mortgage rates up for the second week in a row, it’s no surprise that refinancings slid 8 percent and average loan sizes dropped back closer to normal levels.” The average mortgage rate rose 4 basis points to 4.44%. The refinance index has rebounded smartly over the past several months, but we are nowhere near the levels of the 2015 refi boom, let alone the 2011-2012 boom.


refi index


Builder optimism inched up as the the NAHB / Wells Fargo Housing Market index rose 1 point to 63. As has been the case throughout the recovery, the West led the pack, with the Midwest and Northeast picking up the rear. “Builders report solid demand for new single-family homes but they are also grappling with affordability concerns stemming from a chronic shortage of construction workers and buildable lots,” said NAHB Chairman Greg Ugalde.


Industrial Production slipped 0.1% in March, while manufacturing production was flat. Capacity Utilization dropped .2% to 68.8%. This was generally a disappointing report, however orders for business equipment and capital expenditures bounced back after a deep decline in February. Over the past several years, the first quarter has been weak, and it looks like this year is more of the same.


New FHFA Chairman Mark Calabria said he takes the role with a “great sense of urgency” with regard to reforming Fannie Mae and Freddie Mac. He was confirmed as FHFA Chairman last week on a straight party line vote. “The mortgage market was at the center of the last crisis, as it has been for many past financial crises,” Federal Housing Finance Agency Director Mark Calabria said Monday in his first official remarks as head of the agency. “I believe the foundations of our current mortgage finance system remain vulnerable.”

11 Responses

  1. The left steps up to do more language policing, via Netflix:

    Because “chick flicks” as a term is somehow doing . . . something . . . and must be … you know . . . YOU WILL ALL SUBMIT! YOU PIGS IN HUMAN CLOTHING! SUBMIT! SUBMIT!


    • Relegating these stories to “chick flicks” and “chick lit” is just another way for the patriarchy to make us feel apologetic about finding happiness.

      Following on the previous post. If this is all you have to bitch about, you are not oppressed.

      BTW, ever watch Netflix “documentaries?” It is nothing more than a leftist propaganda channel. Which explains why the left is all over net neutrality, which is the quid pro quo for the government taking a side in what is nothing more than a dispute between the corporate giants that created the infrastructure and the corporate giants who suck up all the bandwidth.


      • Following on the previous post. If this is all you have to bitch about, you are not oppressed.

        This, exactly. And it’s amazing that they can’t see that, but they can’t. They’ve basically won the lottery, compared to 99.9% of every human being that’s ever lived in the history of humanity, and all they can do is complain about how antibiotics and air conditioning and and combustion engines and written language is overwhelming them with an imaginary sense of the white male patriarchy.

        Meh. You’re not only “not oppressed”, your living an entitled and relatively luxurious life where your only stressors are things you go out and choose to make problems by how you think about them and how you react to them.

        While the impulse to shift culture is human and, I think, instinctual–even more fundamental to us is our use of labels for communication. “Chick flicks” conveys a lot of information, and accurately represents something in a way that anyone can identify and identify with. I happen to love “chick flicks” but they are their own genre, like sci-fi or horror, and come with subgenre’s like “Hallmark Christmas Special”.

        I think we’ve watched some nature documentaries on Netflix, but that’s about it.

        … Speaking of leftist propaganda, I’m watching the 2nd season of Futureman on Hulu now. So far they’ve made fun of climate denial and anti-immigrant sentiments (and anti-vaxxers, to a degree) in ways that I’ve found really pretty funny. It is the best way to misrepresent arguments and facts and construct straw men–make it funny.

        It’s when they get serious that they become unwatchable.


      • Brent:

        BTW, ever watch Netflix “documentaries?” It is nothing more than a leftist propaganda channel.

        That’s why I stick with the true crime docs. Those are the only ones that don’t seem to be politicised.



    I find this fascinating. How does a lying, bloviating, non-erudite and sometimes incoherent business man who traffics in conspiracy theories become president of the United States, not once but twice?

    Make AOC and Ilhan Omar the face of your party.

    I have to imagine folks will be demanding to know whether or not Omar endorse 9/11 Trutherism.

    I can see why Pelosi wants to minimize AOC and Omar and Rashida Tlaib. She is at least somewhat aware that the Jewish vote remains important for Democrats, and that there’s still a lot of middle-of-the-road old-school Democrats who will stop being Democrats if there’s too much “death to white people” and “sweep out the old guard” in the part.

    Of course, Michael Moore can’t wait to submit to our new progressive overlords!


    • i find it so humorous when the left complains about threats to liberty.

      aside from abortion and gay marriage they have absolutely zero interest in freedom.


  3. First I’ve seen this reported:


  4. Worth noting:

    “Scientists restore some brain cell functions in pigs four hours after death”


  5. This is an excellent option for the truecons

    Unless Lincoln Chaffee is running of course.


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