Latest data from the Mortgage Bankers Association for the week ending 16 November 2018
- Purchase index 227.7 vs 220.8 prior
- Market index 316.4 vs 316.7 prior
- Refinancing index 783.7 vs 824.7 prior
- 30-year mortgage rate 5.16% vs 5.17% prior
Headline measures the change in number of applications for mortgages backed by the MBA during the week. Mortgage activity slips slightly on the week with the refinancing index falling to its lowest since December 2000.
However, what concerns me (and home buyers in the US) more is the mortgage rate that is still holding up at elevated levels. That is really taking a toll on home purchase activity and will continue to cause concerns for the housing market in general. And that could be one of the reasons why the Fed is considering to slow down the pace of its rate hikes as we head into 2019.
