Latest data from the Mortgage Bankers Association for the week ending 30 October 2020
- Prior +1.7%
- Market index 838.2 vs 807.8 prior
- Purchase index 301.2 vs 305.2 prior
- Refinancing index 3,949.8 vs 3,711.6 prior
- 30-year mortgage rate 3.01% vs 3.00% prior
The bulk of the surge last week was due to a jump in refinancing activity as purchases slowed down once again. Overall, this still points to the housing market holding up for the most part with rates being near all-time lows.
But the drop in purchases also reflects some softness in the consumer space and that may be something to be mindful about if it continues in the weeks ahead.
