• Prior +2.3%
  • Market index 551.7 vs 593.7 prior
  • Purchase index 300.1 vs 305.7 prior
  • Refinancing index 1,989.4 vs 2,276.3 prior
  • 30-year mortgage rate 3.72% vs 3.64% prior

The long-term rate rises another 8 bps to its highest since March 2020 and is now some 77 bps higher than the same period a year ago. That is pretty much what is weighing on refinancing demand, with the index tumbling as seen above. Of note, government purchases accounted for a 5% drop in activity in the past week.