US MBA mortgage applications w.e. 18 March -8.1% vs -1.2% prior

• Prior -1.2%
• Market index 456.2 vs 496.5 prior
• Purchase index 265.4 vs 269.5 prior
• Refinancing index 1,522.7 vs 1,778.3 prior
• 30-year mortgage rate 4.50% vs 4.27% prior

That's a big drop in mortgage applications with the drag largely coming from refinancing activity, though purchases also fell on the week. Of note, this comes as the 30-year mortgage rate jumps up by 23 bps to 4.50% - the biggest weekly increase since March 2020. As the Fed begins to tighten, we are already starting to see some impact felt in the housing market (as it has been showing in the past few months).

US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term