Latest data from the Mortgage Bankers Association for the week ending 12 November 2021
- Prior +5.5%
- Market index 639.9 vs 658.1 prior
- Purchase index 282.5 vs 278.4 prior
- Refinancing index 2,695.0 vs 2,841.0 prior
- 30-year mortgage rate 3.20% vs 3.16% prior
The drop in the past week stems from a sharp fall in refinancing activity, offset slightly by an increase in purchases. The long-term mortgage rate is keeping higher near the recent peak of 3.30%, so that may serve to hinder overall activity a little as yields keep higher too.