US MBA mortgage applications w.e. 31 July -5.1% vs -0.8% prior

Author: Justin Low | Category: News

Latest data from the Mortgage Bankers Association for the week ending 31 July 2020

  • 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.

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