Latest data from the Mortgage Bankers Association for the week ending 30 July 2021
- Prior +5.7%
- 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."