Yields and equities are both higher this morning after the Bank of Japan assured markets that it would not raise rates while markets are volatile. Deputy Governor Uchida stated that the “bank needs to maintain monetary easing with current policy interest rate for the time being, with developments in financial and capital markets at home and abroad being extremely volatile”.
The MBA mortgage applications index rose 6.9% last week after falling 3.9% the week prior. The uptick came amidst a decline in mortgage rates with the 30-year fixed mortgage rate falling 27 bps to 6.55%, its lowest level since May of 2023. Refinancing activity increased nearly 16%, pushing the refi index to its highest level in two years.
Hafizan Hamzah Senior Director, Investment Management Group
Date Event Surv(M) Actual Prior Revised 08/07/24 MBA Mortgage Applications — 6.90% -3.90% — 08/07/24 Consumer Credit $10.000b — $11.354b — 08/08/24 Initial Jobless Claims 240k — 249k — 08/08/24 Continuing Claims 1871k — 1877k — 08/08/24 Wholesale Trade Sales MoM 0.30% — 0.40% — 08/08/24 Wholesale Inventories MoM 0.20% — 0.20% —
Hafizan Hamzah Senior Director, Investment Management Group
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