- Prior -4.5%
- Market index 201.1 vs 204.6 prior
- Purchase index 160.4 vs 164.2 prior
- Refinance index 394.6 vs 394.6 prior
- 30-year mortgage rate 7.16% vs 6.94% prior
Yikes. The average interest rate of the most popular home loan in the US just rose another 22 bps in the past week to its highest since 2001. This sees another drop in mortgage activity, which is now grinding at its slowest pace since 1997. The latest drop this week in yields will be a welcome development at least but there is little comfort for the housing sector when you look at how things have been going over the past few months.