Latest data from the Mortgage Bankers Association for the week ending 6 March 2020
- Prior +15.1%
- Purchase index 280.7 vs 265.8 prior
- Market index 1,172.1 vs 754.1 prior
- Refinancing index 6,418.9 vs 3,594.4 prior
- 30-year mortgage rate 3.47% vs 3.57% prior
Woah, the jump in the market index by over 50% sees it rise to its highest level since April 2009. This is largely - if not almost all - due to refinancing activity as it jumped up by a whopping 78% to its highest level since April 2009 as well.
All of this comes as we continue to see a sharp drop in the long-term mortgage rate, falling by 10 bps to 3.47% last week - the lowest level since December 2012 (also the lowest level on record) - as US yields tumbled to fresh record lows.
