• Market index 572.8 vs 588.4 prior
  • Purchase index 277.3 vs 287.5 prior
  • Refinancing index 2,351.3 vs 2,402.7 prior
  • 30-year mortgage rate 3.33% vs 3.27%

A bit of a caveat to the report above as this covers both the weeks ending 24 December and 31 December. Still, it points to a noticeable drop in mortgage activity with both purchases and refinances slumping. This comes as the long-term rate climbs up t its highest since April last year. In the bigger picture, overall housing market activity continues to hold up but will face more challenges this year amid the likelihood of higher rates and also elevated prices.