Latest data from the Mortgage Bankers Association for the week ending 28 May 2021

  • Market index 665.9 vs 693.7 prior
  • Purchase index 261.4 vs 269.8 prior
  • Refinancing index 3,022.0 vs 3,168.8 prior
  • 30-year mortgage rate 3.17% vs 3.18% prior

There is further moderation seen in the US housing market as mortgage activity tumbles again in the past week, with both purchases and refinancing seen falling sharply. That adds to the decline in the prior week as well.

The rise in long-term rates is in part to blame but even with the Fed pledging to keep easy policy for longer, it doesn't seem to be sparking renewed confidence.