Latest data from the Mortgage Bankers Association for the week ending 12 June 2020
- Prior +8.0%
- Market index 846.9 vs 784.5 prior
- Purchase index 322.5 vs 311.7 prior
- Refinancing index 3,891.5 vs 3,529.0 prior
- 30-year mortgage rate 3.30% vs 3.38%
As has been the case over the past few weeks, purchases tell the story here as the index hits an 11-year high last week. This just adds to the more bullish rhetoric in the US economy and that there isn't quite nearly a housing market fallout from the virus outbreak.
If anything, the low-rate environment now set out by the Fed could potentially threaten to inflate another asset market quite significantly if this continues to keep up.
