Latest data from the Mortgage Bankers Association for the week ending 22 May 2020
- Prior -2.6%
- Market index 746.5 vs 727.1 prior
- Purchase index 281.2 vs 258.9 prior
- Refinancing index 3,466.2 vs 3,474.1 prior
- 30-year mortgage rate 3.42% vs 3.41% prior
As seen with the US new home sales data yesterday, this isn't exactly your typical economic downturn and there is more evidence of that here. Purchases have basically recovered completely from the coronavirus crisis drop to "normal" levels.
With low rates set to stay in place for a prolonged period of time, another asset bubble may start to build in the housing market.