Latest data from the Mortgage Bankers Association for the week ending 9 July 2021
- Prior -1.8%
- 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.