Latest data from the Mortgage Bankers Association for the week ending 19 March 2021
- Prior -2.2%
- Market index 747.0 vs 766.2 prior
- Purchase index 301.9 vs 294.3 prior
- Refinancing index 3,325.3 vs 3,504.9 prior
- 30-year mortgage rate 3.36% vs 3.28% prior
The drop in mortgage applications in the past week owes much to a decline in refinancing activity as purchases still show a modest bounce despite the long-term rate continuing to climb higher in recent weeks.
For some context, the average 30-year mortgage rate is now some 50 bps higher than it was on the first week of January.