Latest data from the Mortgage Bankers Association for the week ending 1 October 2021
- Prior -1.1%
- Market index 684.5 vs 734.9 prior
- Purchase index 275.7 vs 280.4 prior
- Refinancing index 3,037.6 vs 3,359.5 prior
- 30-year mortgage rate 3.14% vs 3.10% prior
Higher rates appear to be the catalyst keeping a drag in the mortgage market in the past week, with activity in both purchases and refinancing sliding. Adding to that, I reckon the high house prices are also a turn off for new home buyers so there's that to consider too.
