Latest data from the Mortgage Bankers Association for the week ending 5 June 2020
- Prior -3.9%
- Market index 784.5 vs 717.7 prior
- Purchase index 311.7 vs 296.0 prior
- Refinancing index 3,529.0 vs 3,166.7 prior
- 30-year mortgage rate 3.38% vs 3.37% prior
The rebound in the purchase index tells the story as we see mortgage activity rebound strongly from the dip caused by the virus outbreak initially. This continues to reaffirm the fact that this isn't quite your typical economic downturn with housing market activity seen holding up strongly and amid the low rates, the threat of a bubble potentially looms.
