Latest data from the Mortgage Bankers Association for the week ending 26 November 2021
- Prior +1.8%
- Market index 604.2 vs 651.3 prior
- Purchase index 310.7 vs 295.7 prior
- Refinancing index 2,304.5 vs 2,706.2 prior
- 30-year mortgage rate 3.31% vs 3.24% prior
A couple of things to note in the report, the first being that the steep fall in mortgage applications is largely driven by a decline in refinancing activity - which offset a decent rise in purchases on the week. That comes as we see a significant rise in the long-term mortgage rate to back above 3.30% - the highest since April.
Despite the jarring headline, the jump in purchases is at least helping to cushion the blow a little as it does outline that there is demand among home buyers still.