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Market Update - May 10, 2024

Friday, May 10, 2024

This Market Update is written by our Capital Market specialists each week to bring you insight into what's happening in the market and how it may affect mortgage rates and real estate trends.

Rates are provided by Housing Wire in conjunction with Polly. Rates are updated in real-time. Polly data is calculated using actual locked rates. Rates are inclusive of locks that occur below par, at par and therefore consider discounts and rebates.

Market Review:

Per Black Knight's Production Metrics, the breakdown of mortgage production volume is as follows: 86.72% for purchase transactions, 9.16% for cash-out refinances, and 4.13% for rate and term refinances.

Per Black Knight 50.66% of all Retail loan production were Government Loans (FHA, VA, USDA), while 49.35% were Conventional and Non-Conforming loans.

Superb Supply

In another sign that inflation should soften, the NY Fed's Global Supply Chain Pressure Index declined from -0.30 in March to -0.85 in April. It's been below zero each of the last five months and 12 of the last 13 months, which is very much how the index behaved since the late 1990s. This means global production bottlenecks continue to recede and are like how they were pre-Covid. - Elliot Eisenberg, Ph.D. , Economist

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