Mortgage Applications Fall As Rates Climb Back Above 7%
Portfolio Pulse from Michael Juliano
Mortgage applications have declined as the average interest rate for 30-year mortgages has risen above 7%. This has led to a decrease in loan requests and a downward trend in mortgage lender stocks, while mortgage-backed security ETFs have seen gains.
July 03, 2024 | 4:37 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Bank of America Corporation experienced a 0.28% drop in its stock price as mortgage applications decreased with higher interest rates.
The decrease in mortgage applications negatively affects Bank of America's mortgage lending segment, resulting in a lower stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
JPMorgan Chase & Co. saw a 0.40% decline in its stock price as mortgage applications fell due to rising interest rates.
The decline in mortgage applications directly impacts JPMorgan Chase & Co.'s mortgage lending business, leading to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Wells Fargo & Company saw a 0.98% decline in its stock price as mortgage applications fell due to rising interest rates.
The fall in mortgage applications impacts Wells Fargo's mortgage lending business, leading to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The iShares MBS ETF rose 0.58% as mortgage-backed security ETFs gained ground despite rising mortgage rates.
Despite the rise in mortgage rates, mortgage-backed security ETFs like MBB gained, likely due to increased demand for these securities.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The SPDR Bloomberg Barclays Mortgage Backed Bond ETF rose 0.11% as mortgage-backed security ETFs gained ground despite rising mortgage rates.
Despite the rise in mortgage rates, mortgage-backed security ETFs like MBG gained, likely due to increased demand for these securities.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The Vanguard Mortgage-Backed Securities ETF rose 0.58% as mortgage-backed security ETFs gained ground despite rising mortgage rates.
Despite the rise in mortgage rates, mortgage-backed security ETFs like VMBS gained, likely due to increased demand for these securities.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60