Latest data from the Mortgage Bankers Association for the week ending 24 September 2021
- Prior +4.9%
- Market index 734.9 vs 742.7 prior
- Purchase index vs 283.9 prior
- Refinancing index vs 3,391.1 prior
- 30-year mortgage rate 3.10% vs 3.03% prior
After gains in the previous week, activity fell as higher rates took some wind out of the sails in the mortgage market. Both purchases and refinancing activity also fell by 1%, with the latter seen roughly 12% lower than a year ago.
Despite the prospect of higher rates, one can argue that the weakness in the latter so far this year owes much to high housing prices in the US putting off new home buyers.
