US MBA mortgage applications w.e. 6 August +2.8% vs -1.7% prior

Latest data from the Mortgage Bankers Association for the week ending 6 August 2021

  • Market index 754.8 vs 734.3 prior
  • Purchase index 252.0 vs 247.5 prior
  • Refinancing index 3,684.3 vs 3,571.3 prior
  • 30-year mortgage rate 2.99% vs 2.97% prior

A slight bump in mortgage activity after the drop in the previous week, with both purchases and refinancing activity seeing a rise as the 30-year rate keeps below 3% – lowest levels since February – for a second week running. MBA notes that:

“Homeowners continue to respond to lower rates, with refinance activity climbing to the highest level since February. With low for-sale inventory keeping home-price appreciation in many markets at record highs, the jump in FHA purchase applications is potentially a sign that more first-time buyers are finding purchase options despite the high prices.”

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