Chart of the Week: Mortgage Rates, 10-Year Treasury and 30-10 Spread

In recent months, rate volatility has diminished, as the future course of monetary policy has become clearer and financial markets have been relatively calm. Last week’s announcement that the GSEs will increase their purchases of MBS brought the spread in further, and mortgage rates dropped further over the course of the week.

MBA Chart of the Week: Monthly Payroll Growth

The economy is growing, but unevenly, and employers certainly appear to be cautious about adding additional workers, as evidenced by the still very slow hiring rate in the recent JOLTS data.

Chart of the Week: Potential Trajectories of Multifamily Completions

Developers have been building many apartment units over the past several years. We expect the pace of development to slow in the years ahead, given declining fundamentals including falling rents, rising vacancies, and increasing delinquencies in the multifamily sector.

Chart of the Week–Seriously Delinquent Loans by Loan Type

According to the latest MBA National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.99% of all loans outstanding at the end of the third quarter.