Latest data from the Mortgage Bankers Association for the week ending 16 August 2019
- Prior +21.7%
- Purchase index 243.8 vs 252.6 prior
- Market index 614.6 vs 620.4 prior
- Refinancing index 2,754.7 vs 2,742.9 prior
- 30-year mortgage rate 3.90% vs 3.93% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Mortgage applications eased for the first time since the week of 26 July following the surge last week, which was due to a notable spike in refinancing activity.
Of note, the long-term mortgage rate eases further and that should at least provide some relief for home buyers. That comes amid market expectations for the Fed to continue aggressively cutting rates. Let's see if the central bank will deliver on that front.
