Latest data from the Mortgage Bankers Association for the week ending 2 August 2019
- Prior -1.4%
- Purchase index 247.9 vs 253.0 prior
- Market index 509.8 vs 484.0 prior
- Refinancing index 2,003.0 vs 1,791.2 prior
- 30-year mortgage rate 4.01% vs 4.08% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. The large bump last week mainly comes from a surge in refinancing activity with purchase activity actually showing a decline. I wouldn't look to that as being a sustainable increase in mortgage activity overall.
However, the further drop in the long-term mortgage rate is a positive sign for home buyers and perhaps that can help alleviate some of the mild pressure off the housing market.
