Latest data from the Mortgage Bankers Association for the week ending 15 October 2021
- Prior +0.2%
- Market index 643.0 vs 686.1 prior
- Purchase index 266.2 vs 279.8 prior
- Refinancing index 2,807.9 vs 3,023.0 prior
- 30-year mortgage rate 3.23% vs 3.18% prior
A surge in the long-term mortgage rate to its highest since April is putting a drag on mortgage applications in the past week, with both purchases and refinancing activity falling sharply. The latter is down to its lowest level since July.
As rates are still keeping higher, that may put a further drag on overall activity even as housing market conditions have held up quite well over the past few months.
