Latest data from the Mortgage Bankers Association for the week ending 29 May 2020

  • Market index 717.7 vs 746.5 prior
  • Purchase index 296.0 vs 281.2 prior
  • Refinancing index 3,166.7 vs 3,466.2 prior
  • 30-year mortgage rate 3.37% vs 3.42% prior

The drop mainly stems from a reduction in refinancing activity, but amid the low rates seen at the moment we have seen purchasing activity even rise to match up with pre-coronavirus conditions, so that is more indicative of the housing situation right now.

As mentioned last week, this perhaps may not be your typical economic downturn.