US MBA mortgage applications w.e. 31 July -5.1% vs -0.8% prior
Latest data from the Mortgage Bankers Association for the week ending 31 July 2020
- Prior -0.8%
- Market index 798.8 vs 841.9 prior
- Purchase index 300.7 vs 306.1 prior
- Refinancing index 3,688.1 vs 3,955.9 prior
- 30-year mortgage rate 3.14% vs 3.20%
Despite a drop in the long-term mortgage rate, refinancing and purchase activity both showed signs of decline in the past week and that may be a sign that the resurgence in virus cases across the US may be taking a bit of a toll on housing market activity.
Let's see how things progress moving forward but a continued decline in this space would not be a good signal on how the economic situation is developing in the US.