• Prior -6.5%
  • Market index 307.4 vs 288.4 prior
  • Purchase index 225.0 vs 208.2 prior
  • Refinancing index 735.5 vs 709.5 prior
  • 30-year mortgage rate 5.65% vs 5.40% prior

Despite a jump in the average mortgage rate to its highest since 2008, more homebuyers were in the market in the past week with both purchases and refinancing activity ticking higher. I reckon that could be a rush before the Fed tightens policy further this week. In any case, purchase applications are down more than 15% from last year so that tells the story better.