PickAlpha
6/6: MBA: 30-year conforming mortgage rate rises to 7.12% (from 6.97%); total applications -1.5% w/w with refi -3% and purchase -1% $MBB $TLT $ITB $XHB $VNQ
PickAlpha View: Base case: elevated mortgage rates keep refi dormant and purchase activity soft, extending the drag on housing-sensitive assets and keeping MBS prepayment risk muted.
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