US MBA mortgage applications w.e. 23 July +5.7% vs -4.0% prior

Author: Justin Low | Category: News

Latest data from the Mortgage Bankers Association for the week ending 23 July 2021

  • Market index 737.9 vs 698.3 prior
  • Purchase index 251.7 vs 255.8 prior
  • Refinancing index 3,570.4 vs 3,267.6 prior
  • 30-year mortgage rate 3.01% vs 3.11% prior
A couple of things to note in the report, the first being the drop in the long-term mortgage rate which is the lowest in six months. That helped to see a surge in refinancing activity, which contributed to the jump in overall applications.

The other side of the report reveals a drop in purchases, which are now down 18% as compared to a year ago. That reveals more about housing market conditions with buyers likely put off by higher prices still since the turn of the year, even with lower rates.

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