Latest data from the Mortgage Bankers Association for the week ending 16 July 2021
- Market index 698.3 vs 727.5 prior
- Purchase index 255.8 vs 273.3 prior
- Refinancing index 3,267.6 vs 3,361.5 prior
- 30-year mortgage rate 3.11% vs 3.09% prior
A bit of moderation in mortgage activity in the past week after the big surge in the week prior, which owed to a sharp drop in the long-term mortgage rate at the time.
This still reaffirms the declining trend in the mortgage applications since the turn of the year, but we’ll see if there might be cause for stablisation as yields remain at lower levels as compared to the past two months for the time being.