US MBA mortgage applications w.e. 3 January +13.5% vs -5.3% prior

Latest data from the Mortgage Bankers Association for the week ending 3 January 2019

• Prior (w.e. 20 Dec) -5.3%; prior (w.e. 27 Dec) -13.2%

• Purchase index 263.2 vs 250.1 prior
• Market index 471.3 vs 478.7 prior
• Refinancing index 1,713.7 vs 1,859.0 prior
• 30-year mortgage rate 3.91% vs 3.99% prior

Just take note that the change above reflects two weeks worth of data as it also takes into account the week ending 27 December. The large swing in the past week is sort of offset by a large drop in the two weeks before - owing to a drop in refinancing activity again.

Overall purchase activity continues to remain more steady while the long-term rate continues to hover just under 4%, signaling some stability in the housing market for now.