US MBA mortgage applications w.e. 19 November +1.8% vs -2.8% prior
Latest data from the Mortgage Bankers Association for the week ending 19 November 2021
- Prior -2.8%
- Market index 651.3 vs 639.9 prior
- Purchase index 295.7 vs 282.5 prior
- Refinancing index 2,706.2 vs 2,695.0 prior
- 30-year mortgage rate 3.24% vs 3.20% prior
Despite a bump higher in the long-term mortgage rate to near the recent peak of 3.30%, purchase activity carried the jump in mortgage applications in the past week. Of note, the index on purchases is up to its highest since March.
This just reaffirms solid demand conditions in the housing market in spite of higher prices in general. Though one can argue that Fed rate hikes coming next year are perhaps starting to push buyers to a "now or never" moment.