Latest data from the Mortgage Bankers Association for the week ending 8 November 2019
- Prior -0.1%
- Purchase index 253.4 vs 241.0 prior
- Market index 568.4 vs 518.7 prior
- Refinancing index 2,374.6 vs 2,102.7 prior
- 30-year mortgage rate 4.03% vs 3.98% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Once again, the rise this week owes much to refinancing activity but overall purchases are also seen higher so there's that.
The long-term mortgage rate is seen settling close to ~4% in recent weeks and with the Fed not looking to cut rates in the near-term, home buyers may not get more added comfort in the meantime.
