Latest data from the Mortgage Bankers Association for the week ending 31 January 2020
- Prior +7.2%
- Purchase index 283.7 vs 313.7 prior
- Market index 682.0 vs 649.8 prior
- Refinancing index 2,975.7 vs 2,581.2 prior
- 30-year mortgage rate 3.71% vs 3.81% prior
The surge in the past week comes from a jump in refinancing activity as purchases actually fell in the week ending 31 January. On a more positive note, the long-term mortgage rate declined by a further 10 bps amid the drop in yields last week.
