Latest data from the Mortgage Bankers Association for the week ending 6 November 2020
- Prior +1.7%
- Market index 833.9 vs 838.2 prior
- Purchase index 293.5 vs 301.2 prior
- Refinancing index 3,973.1 vs 3,949.8 prior
- 30-year mortgage rate 2.98% vs 3.01% prior
The long-term mortgage rate falls to a record survey low in the past week, but purchases activity continues to lose steam and that is leading the drop in the headline reading.
Although the index is still relatively elevated even when compared to pre-virus levels, the recent drop in purchases could be hinting that housing market appetite is beginning to wane after a surge from April to early June.