Latest data from the Mortgage Bankers Association for the week ending 7 February 2020
- Prior +5.0%
- Purchase index 267.4 vs 283.7 prior
- Market index 689.5 vs 682.0 prior
- Refinancing index 3,123.6 vs 2,975.7 prior
- 30-year mortgage rate 3.72% vs 3.71% prior
The jump once again comes from refinancing activity as purchases slow down yet again, taking a little away from the positive headline reading in the report. But the applications for home purchases are still relatively elevated historically.
Looking at the details, refinancing volume rose 5% to the highest level since June 2013 and accounted for 65.5% of all applications, the most in almost five years.
The long-term mortgage rate keeps steady after the recent drop so it is a bit of a mixed bag for the previous week. But the lower rate should continue to spur better activity for now.
