Latest data from the Mortgage Bankers Association for the week ending 1 March 2019
- Prior +5.3%
- Purchase index 240.5 vs 247.0 prior
- Market index 375.3 vs 384.8 prior
- Refinancing index 1,110.9 vs 1,133.8 prior
- 30-year mortgage rate 4.67% vs 4.65% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Mortgage activity declined slightly on the week but the more concerning matter is the slight uptick in the long-term mortgage rate. That is going to continue to put off home buyers and be a bane for the US housing market this year.
The long-term rate appears to have found some stability in recent weeks following a decline at the end of last year after the Fed is seen pausing its rate hike cycle, but remains historically high:
