Latest data from the Mortgage Bankers Association for the week ending 19 February 2021
- Prior -5.1%
- Market index 790.6 vs 892.6 prior
- Purchase index 264.9 vs 299.5 prior
- Refinancing index 3,848.1 vs 4,337.0 prior
- 30-year mortgage rate 3.08% vs 2.98%
It looks like the housing market is not taking too kindly to the higher rates as both purchases and refinancing activity took a heavy dip in the past week. After the more robust period following the initial impact of the virus crisis, this may be tricky times for the housing market and is something that the Fed will have to watch closely if rates continue to climb.
