Latest data from the Mortgage Bankers Association for the week ending 26 February 2021
- Prior -11.4%
- Market index 794.5 vs 790.6 prior
- Purchase index 269.7 vs 264.9 prior
- Refinancing index 3,850.4 vs 3,848.1 prior
- 30-year mortgage rate 3.23% vs 3.08%
After the heavy decline in mortgage activity in the two weeks prior, things are slightly better last week as both purchases and refinancing activity showed a small improvement.
However, the long-term mortgage rate has jumped up to its highest since July last year and that could prompt more volatile mortgage activity moving forward.
As such, the sharp falls in February may not be one-offs and will be something to pay attention to in case the negative impact becomes more evident in the US housing market.
