Latest data from the Mortgage Bankers Association for the week ending 12 July 2019
- Prior -2.4%
- Purchase index 265.1 vs 275.6 prior
- Market index 500.2 vs 505.8 prior
- Refinancing index 1,827.3 vs 1,799.7 prior
- 30-year mortgage rate 4.12% vs 4.04% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Mortgage activity declined in the past week once again led by a drop in purchases with refinancing activity seen improving slightly.
However, the noticeable thing in the report is the 8 bps jump in the long-term mortgage rate. That's indicative of the change in sentiment in the rates market in the past week to err more towards the Fed being "one and done" with regards to rate cuts and won't add to the relief for home buyers hoping for lower rates.
