Latest data from the Mortgage Bankers Association for the week ending 14 December 2018
- Purchase index 238.6 vs 256.1 prior
- Market index 325.9 vs 346.0 prior
- Refinancing index 832.2 vs 851.6 prior
- 30-year mortgage rate 4.94% vs 4.96% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Mortgage activity falls for the first time in almost a month - since the week ending 16 November - after rising by 1.6% in the prior week's reading.
Of note, the 30-year fixed rate continues to dwindle lower now to 4.94% after peaking at 5.17% in the week ending 9 November. That will help ease some of the strain felt by home buyers but the rate is still relatively high if compared to the past six years.
Housing will be a key focus area for the Fed next year so keep an eye on activity data like this one for further indication of sentiment.
