Latest data from the Mortgage Bankers Association for the week ending 6 September 2019
- Prior -3.1%
- Purchase index 253.5 vs 242.6 prior
- Market index 569.8 vs 558.5 prior
- Refinancing index 2,377.5 vs 2,367.2 prior
- 30-year mortgage rate 3.82% vs 3.87% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Mortgage applications bounced back a little last week after slower activity seen towards the end of August but the notable thing in the report here is that the long-term rate continues to drop.
That should hint at further relief for home buyers as well as the housing market but let's see how the Fed will influence the direction of rates at next week's meeting next.
