Latest data from the Mortgage Bankers Association for the week ending 5 March 2021
- Prior +0.5%
- Market index 783.8 vs 794.5 prior
- Purchase index 289.0 vs 269.7 prior
- Refinancing index 3,658.8 vs 3,850.4 prior
- 30-year mortgage rate 3.26% vs 3.23%
The drop in mortgage activity in the past week owes much to a decline in refinancing activity as purchases actually picked up, despite the 3 bps increase in the long-term rate to its highest level since July last year.
Once again, amid the recent surge higher in yields/rates, it could dampen mortgage activity after the more robust recovery seen during the immediate period of the pandemic.