- Prior -3.7%
- Market index 224.4 vs 168.4 prior
- Purchase index 162.0 vs 127.7 prior
- Refinance index 575.6 vs 401.1 prior
- 30-year mortgage rate 7.09% vs 6.99% prior
After the holiday down time, US mortgage applications picked back up strongly in the past week amid a resurgence in both purchases and refinancing activity. That despite the interest rate for the most popular US home loan rising above 7% to its highest since May last year. It's the fifth consecutive weekly jump for the main rate, reflecting a move in the opposite direction of the Fed's policy rate. And that's not too optimistic for the mortgage market if conditions continue to stay this way.
