Latest data from the Mortgage Bankers Association for the week ending 2 July 2021

  • Market index 627.0 vs 638.8 prior
  • Purchase index 252.4 vs 255.2 prior
  • Refinancing index 2,791.3 vs 2,856.6 prior
  • 30-year mortgage rate 3.15% vs 3.20% prior

Mortgage activity continues to decline with both purchases and refinancing seeing a further dip in the past week, as housing market conditions moderate further.

The recent retreat in rates may help but they are still much elevated as compared to during the pandemic and with some patchiness still a possibility with the US recovery, that could temper with the report above in the months ahead.