Latest data from the Mortgage Bankers Association for the week ending 30 July 2021

  • Market index 734.3 vs 737.9 prior
  • Purchase index 247.5 vs 251.7 prior
  • Refinancing index 3,571.3 vs 3,570.4 prior
  • 30-year mortgage rate 2.97% vs 3.01% prior

The long-term mortgage rate falls below 3% for the first time since February amid the shove lower in global rates but it isn't enough to spur purchase activity - which fell again over the past week. Refinancing activity kept steadier after the surge in the week prior.

MBA notes that:

"Purchase application volume decreased again, reflecting the ongoing lack of inventory that continues to drive rapid home-price appreciation across the country."