Latest data from the Mortgage Bankers Association for the week ending 9 July 2021

  • Market index 727.5 vs 627.0 prior
  • Purchase index 273.3 vs 252.4 prior
  • Refinancing index 3,361.5 vs 2,791.3 prior
  • 30-year mortgage rate 3.09% vs 3.15% prior

That is a big jump in mortgage activity as the spike comes amid a surge in both purchases and refinancing, rising by 8.3% and 20.4% respectively in the past week.

This of course comes as we see rates slump, with the 30-year mortgage rate falling by 6 bps to its lowest since February amid the retreat in Treasury yields as well.

If anything, it shows that demand conditions are still solid and all it takes is a bit of a sensitive move in rates to spark another flurry of activity in the housing market.