Latest data from the Mortgage Bankers Association for the week ending 24 May 2019
- Prior +2.4%
- Purchase index 259.4 vs 263.0 prior
- Market index 411.5 vs 425.6 prior
- Refinancing index 1,255.4 vs 1,334.9 prior
- 30-year mortgage rate 4.33% vs 4.33% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Mortgage activity fell last week after a modest increase in the week before but the drop isn't anything too notable, even when you look at the details.
The housing market remains a bit soft in the US and this sort of gives a bit of a prelude as for what to expect when we get housing starts and other data moving forward. For now, it is still suggestive that there is some weakness in this part of the economy.
