Latest data from the Mortgage Bankers Association for the week ending 28 February 2020
- Prior +1.5%
- Purchase index 265.8 vs 273.1 prior
- Market index 754.1 vs 655.0 prior
- Refinancing index 3,594.4 vs 2,852.9 prior
- 30-year mortgage rate 3.57% vs 3.73% prior
The big jump stems from a surge in refinancing activity as purchases ease a little on the week.
But again, with rates tumbling this should help with mortgage activity and housing in general with a further drop in the long-term rate set to follow again this week - judging by how things are going now that is.
Although, virus fears will be an issue so even low rates may not be able to do much when people are queuing outside supermarkets instead of outside the banks.
