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.