Latest data from the Mortgage Bankers Association for the week ending 26 November 2021

US MBA mortgage applications
  • Market index 604.2 vs 651.3 prior
  • Purchase index 310.7 vs 295.7 prior
  • Refinancing index 2,304.5 vs 2,706.2 prior
  • 30-year mortgage rate 3.31% vs 3.24% prior

A couple of things to note in the report, the first being that the steep fall in mortgage applications is largely driven by a decline in refinancing activity - which offset a decent rise in purchases on the week. That comes as we see a significant rise in the long-term mortgage rate to back above 3.30% - the highest since April.

Despite the jarring headline, the jump in purchases is at least helping to cushion the blow a little as it does outline that there is demand among home buyers still.