US MBA mortgage applications w.e. 2 April -5.1% vs -2.2% prior
Latest data from the Mortgage Bankers Association for the week ending 2 April 2021
- Prior -2.2%
- Market index 693.5 vs 730.8 prior
- Purchase index 283.6 vs 297.3 prior
- Refinancing index 3,068.8 vs 3,242.1 prior
- 30-year mortgage rate 3.36% vs 3.33% prior
As the long-term mortgage rate keeps higher (some 50 bps higher than the first week of January), it is starting to have an impact on housing market activity with both purchases and refinancing taking a hit in the past week.
The housing market has shown much resilience since the virus crisis but the latest surge in rates is starting to see things unravel a little over the past month or so now.