- Market index 386.1 vs 297.7 prior
- Purchase index 174.0 vs 169.1 prior
- Refinance index 1596.7 vs 1012.4 prior
- 30-year mortgage rate 6.39% vs 6.49% prior
This is never a market moving release. Mortgage applications are generally inversely correlated to mortgage rates.
Having said that, this should be a little bit concerning for the Fed given that a slight fall in mortgage rates is leading to such a strong surge in demand.
After years of elevated mortgage rates and low demand for mortgages, there could be some type of FOMO for lower rates.
