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US MBA mortgage applications w.e. 9 August +21.7% vs +5.3% prior

Latest data from the Mortgage Bankers Association for the week ending 9 August 2019

  • Purchase index 252.6 vs 247.9 prior
  • Market index 620.4 vs 509.8 prior
  • Refinancing index 2,742.9 vs 2,003.0 prior
  • 30-year mortgage rate 3.93% vs 4.01% prior

Headline measures the change in number of applications for mortgages backed by the MBA during the week. The jump here largely comes from a surge in refinancing activity with rates falling to a near three-year low as well.

The refinancing volume jumped to 2,742.9 – which represents a three-year high. Putting that aside, applications for home-purchase loans were little changed, indicating that sentiment remains more modest.
ForexLive

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