Latest data from the Mortgage Bankers Association for the week ending 23 November 2018
- Purchase index 247.8 vs 227.7 prior
- Market index 333.7 vs 316.4 prior
- Refinancing index 787.7 vs 783.7 prior
- 30-year mortgage rate 5.12% vs 5.16% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. A slight recovery in mortgage activity as the 30-year mortgage rate cools off a little. The release here isn't really market moving by any means but keep a close watch on this in the months ahead as the Fed continues to hike rates into 2019.
That will keep mortgage rates elevated and will continue to put a strain on home buyers and impact the housing market negatively. But if the Fed starts to signal a pause in its tightening cycle, it could provide a renewed boost for housing after the recent slowdown.
