Latest data from the Mortgage Bankers Association for the week ending 9 November 2018
- Purchase index 220.8 vs 213.6 prior
- Market index 316.7 vs 316.2 prior
- Refinancing index 824.7 vs 861.8 prior
- 30-year mortgage rate 5.17% vs 5.15% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. The mortgage rate continues to rise and that is going to present a real problem for home buyers trying to get into the market.
The higher borrowing costs is going to weigh on housing activity here and this will be a key area to watch out for next year as the Fed continues to hike rates further.
