Mortgage Applications Climb For Third Week As 30-Year Interest Rates Drop
Portfolio Pulse from Piero Cingari
Mortgage applications in the U.S. increased by 1.9% for the week ending May 17, marking the third consecutive week of growth. This rise is attributed to a decrease in average mortgage rates, which reached a seven-week low. The iShares Mortgage Real Estate ETF (REM) and several mortgage REITs, including TPG RE Finance Trust (TRTX), Redwood Trust (RWT), Invesco Mortgage Capital (IVR), and Arbor Realty Trust (ABR), have seen positive impacts.
May 22, 2024 | 1:05 pm
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POSITIVE IMPACT
Arbor Realty Trust (ABR) has experienced gains of 12% to 16% over the past month, driven by the increase in mortgage applications and decrease in mortgage rates.
ABR has benefited from the rise in mortgage applications and the decrease in mortgage rates, leading to significant gains.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Invesco Mortgage Capital (IVR) has seen gains of 12% to 16% over the past month due to the rise in mortgage applications and decrease in mortgage rates.
The positive trend in mortgage applications and lower mortgage rates have contributed to significant gains for IVR.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The iShares Mortgage Real Estate ETF (REM) is experiencing a five-week winning streak, its longest since January 2023, due to the rise in mortgage applications and decrease in mortgage rates.
The increase in mortgage applications and the decrease in mortgage rates have positively impacted REM, leading to a five-week winning streak.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Redwood Trust (RWT) has experienced gains of 12% to 16% over the past month, driven by the increase in mortgage applications and decrease in mortgage rates.
RWT has benefited from the rise in mortgage applications and the decrease in mortgage rates, leading to significant gains.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
TPG RE Finance Trust (TRTX) has seen gains of 12% to 16% over the past month due to the rise in mortgage applications and decrease in mortgage rates.
The positive trend in mortgage applications and lower mortgage rates have contributed to significant gains for TRTX.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70