Latest data from the Mortgage Bankers Association for the week ending 4 December 2020
- Prior -0.6%
- Market index 848.3 vs 858.2 prior
- Purchase index 325.7 vs 342.9 prior
- Refinancing index 3,959.2 vs 3,891.1 prior
- 30-year mortgage rate 2.90% vs 2.92% prior
The drop last week largely stems from a decline in purchase activity, despite the long-term mortgage rate falling by another 2 bps to a record survey low.
The drop in purchases is a bit of a setback after a slight bounce in recent weeks but overall levels still suggest that the housing market is holding up well in spite of the virus crisis.