Latest data from the Mortgage Bankers Association for the week ending 14 August 2020
- Prior +6.8%
- Market index 824.5 vs 852.8 prior
- Purchase index 308.9 vs 306.6 prior
- Refinancing index 3,809.7 vs 4,025.0 prior
- 30-year mortgage rate 3.13% vs 3.06% prior
The drop in the past week was largely due to a fall in refinancing activity, following the record low long-term mortgage rate seen last week. What stands out more is that purchase activity continues to hold up relatively well and increased once again - further reaffirming that the property market is faring relatively well despite the virus pandemic.
