Latest data from the Mortgage Bankers Association for the week ending 23 July 2021
- Prior -4.0%
- 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.
