Latest data from the Mortgage Bankers Association for the week ending 30 April 2021
- Market index 700.4 vs 706.6 prior
- Purchase index 274.5 vs 281.4 prior
- Refinancing index 3,188.7 vs 3,185.3 prior
- 30-year mortgage rate 3.18% vs 3.17% prior
The drop in mortgage applications in the past week stems from a decline in purchase activity once again, which has been keeping more subdued in recent months amid the jump higher in rates since the turn of the year.
Refinancing activity was steadier in general but once again, this reflects more tepid housing market sentiment as of late and the outlook of higher rates won’t help with that.