Latest data from the Mortgage Bankers Association for the week ending 30 August 2019
- Prior -6.2%
- Purchase index 242.6 vs 234.1 prior
- Market index 558.5 vs 576.2 prior
- Refinancing index 2,367.2 vs 2,545.6 prior
- 30-year mortgage rate 3.87% vs 3.94% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. A continued drop in mortgage applications led by another drop in refinancing activity, following the huge surge two weeks back.
The notable thing here is that there is a further drop in the long-term mortgage rate and that should help alleviate some pressure off home buyers and provide some relief to the housing market as the trend continues in this direction.