Latest data from the Mortgage Bankers Association for the week ending 13 September 2019
- Prior +2.0%
- Purchase index 269.7 vs 253.5 prior
- Market index 569.5 vs 569.8 prior
- Refinancing index 2,274.1 vs 2,377.5 prior
- 30-year mortgage rate 4.01% vs 3.82% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Minimal change to overall mortgage activity but the standout data point here is that we see a big jump in the long-term mortgage rate back to just above 4%.
That sort of comes alongside the jump in yields last week ahead of the Fed decision today but it will put off home buyers and strain the housing market should we see rates continue to climb higher in the coming weeks/months.
