Latest data from the Mortgage Bankers Association for the week ending 21 August 2020
- Prior -3.3%
- Market index 770.6 vs 824.5 prior
- Purchase index 310.2 vs 308.9 prior
- Refinancing index 3,423.0 vs 3,809.7 prior
- 30-year mortgage rate 3.11% vs 3.13% prior
The headline shows a drop in mortgage activity but that is largely due to a slump in refinancing, as purchases continue to keep more steady and actually increased last week.
That once again highlights the robustness of the housing sector in dealing with the fallout from the virus outbreak for the most part despite some cracks showing up in other parts of the economy, as evident by the drop in consumer confidence yesterday.
