US MBA mortgage applications w.e. 3 July +2.2% vs -1.8% prior
Latest data from the Mortgage Bankers Association for the week ending 3 July 2020
- Prior -1.8%
- Market index 775.9 vs 758.9 prior
- Purchase index 325.2 vs 308.7 prior
- Refinancing index 3,373.9 vs 3,359.2 prior
- 30-year mortgage rate 3.26% vs 3.29%
The standout once again in the report here is the rise in purchases, with the index rising to its highest level since 2009.
This sort of tells a separate tale to the impact of the virus outbreak in that the housing market is one area that may not have been too severely impacted by the economic fallout.
That said, the thing to watch moving forward will be how heavily the labour market will be strained if there is a high degree of job losses turning permanent. That may eventually produce more damning ramifications in this spot as well.