Latest data from the Mortgage Bankers Association for the week ending 27 November 2020
- Prior -0.3%
- Market index 858.2 vs 863.6 prior
- Purchase index 342.9 vs 314.6 prior
- Refinancing index 3,891.1 vs 4,077.7 prior
- 30-year mortgage rate 2.92% vs 2.92% prior
The drop in the headline reading largely reflects the sharp fall in refinancing activity, but the key reading in this report in my view is that purchases soared last week as the long-term mortgage rate keeps at a record low in the survey.
The jump in the purchase index takes it to the highest level since the January 2009 and that bolsters the narrative that the housing market is still going strong.
