Technical Analysis

US MBA mortgage applications w.e. 2 December -1.9% vs -0.8% prior

  • Prior -0.8%
  • Market index 204.2 vs 208.1 prior
  • Purchase index 175.5 vs 181.0 prior
  • Refinance index 340.8 vs 325.5 prior
  • 30-year mortgage rate 6.41% vs 6.49% prior

Mortgage activity declined once again in the past week, this time led by purchases as refinancing activity picked up slightly after the sharp decline in the week prior. While rates have come down a fair bit, they are still elevated and that continues to weigh on housing market activity – even if prices haven’t actually reflected that too much during the course of the year.

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