Latest data from the Mortgage Bankers Association for the week ending 6 August 2021
- Prior -1.7%
- Market index 754.8 vs 734.3 prior
- Purchase index 252.0 vs 247.5 prior
- Refinancing index 3,684.3 vs 3,571.3 prior
- 30-year mortgage rate 2.99% vs 2.97% prior
A slight bump in mortgage activity after the drop in the previous week, with both purchases and refinancing activity seeing a rise as the 30-year rate keeps below 3% - lowest levels since February - for a second week running. MBA notes that:
"Homeowners continue to respond to lower rates, with refinance activity climbing to the highest level since February. With low for-sale inventory keeping home-price appreciation in many markets at record highs, the jump in FHA purchase applications is potentially a sign that more first-time buyers are finding purchase options despite the high prices."