- Prior +3.0%
- Market index 227.3 vs 221.0 prior
- Purchase index 172.7 vs 169.3 prior
- Refinance index 504.4 vs 481.3 prior
- 30-year mortgage rate 6.45% vs 6.48% prior
As rates fall lower, the refinance index hits a 6-month high as overall activity continues to pick up in the mortgage market. A third straight week of a drop in borrowing costs is certainly helping with mortgage applications rising for a fourth consecutive week. That said, overall levels of activity are still rather depressed and that is evident by the chart below (which just shows a slight bounce in refinance activity after having touched the lowest since 2000 in the final week of last year):
