Latest data from the Mortgage Bankers Association for the week ending 29 November 2019
- Prior +1.5%
- Purchase index 269.4 vs 267.1 prior
- Market index 512.4 vs 564.1 prior
- Refinancing index 1,925.7 vs 2,282.2 prior
- 30-year mortgage rate 3.97% vs 3.97% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. The sharp fall here owes much to a big drop in refinancing activity on the week. The long-term rate is seen holding steady just under 4% still.
As such, I wouldn't say that overall housing activity is seen sharply falling as the drop owes more to refinancing rather than a drop in purchases.
With the long-term rate stabilising as the Fed isn't cutting rates any more any time soon, the housing market should be more stable in the coming months.
