Latest data from the Mortgage Bankers Association for the week ending 5 February 2021

  • Market index 940.4 vs 981.1 prior
  • Purchase index 318.8 vs 334.6 prior
  • Refinancing index 4,549.2 vs 4,746.2 prior
  • 30-year mortgage rate 2.96% vs 2.92% prior

The drop stems from a decline in both purchasing and refinancing activity, with the long-term mortgage rate creeping higher amid the push higher in yields as well.

That said, this is just one slight bump in housing market conditions after months of robust activity in general so it is tough to draw much conclusions for now.