Latest data from the Mortgage Bankers Association for the week ending 13 March 2020
- Prior +55.4%
- Purchase index 278.1 vs 280.7 prior
- Market index 1,073.6 vs 1,172.1 prior
- Refinancing index 5,751.0 vs 6,418.9 prior
- 30-year mortgage rate 3.74% vs 3.47% prior
The drop is very much expected and it largely comes from a moderation in financing activity on the week, after the massive surge seen last week. Notably, the long-term mortgage rate has also climbed back up by a whopping 27 bps to 3.74% - the highest since mid-February.
