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US MBA mortgage applications w.e. 13 August -3.9% vs +2.8% prior

Latest data from the Mortgage Bankers Association for the week ending 13 August 2021

  • Market index 725.4 vs 754.8 prior
  • Purchase index 249.9 vs 252.0 prior
  • Refinancing index 3,490.2 vs 3,684.3 prior
  • 30-year mortgage rate 3.06% vs 2.99% prior

US mortgage applications fell in the past week owing to a drop in both refinancing and purchase activity, mostly the former. This comes as the long-term mortgage rate climbs back above 3% for the first time in about a month. MBA notes that:

“Mortgage rates followed an overall increase in Treasury yields last week, which started higher from the strong July jobs report before slowing because of weaker consumer sentiment and concerns about rising COVID-19 cases. The eligible pool of homeowners who stand to benefit from a refinance is smaller now.”

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