- 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.