US MBA mortgage applications w.e. 12 November -2.8% vs +5.5% prior

Latest data from the Mortgage Bankers Association for the week ending 12 November 2021

• Prior +5.5%

• Market index 639.9 vs 658.1 prior
• Purchase index 282.5 vs 278.4 prior
• Refinancing index 2,695.0 vs 2,841.0 prior
• 30-year mortgage rate 3.20% vs 3.16% prior

The drop in the past week stems from a sharp fall in refinancing activity, offset slightly by an increase in purchases. The long-term mortgage rate is keeping higher near the recent peak of 3.30%, so that may serve to hinder overall activity a little as yields keep higher too.

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November 18, 2021 at 12:00AM
Justin Low
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