Latest data from the Mortgage Bankers Association for the week ending 16 April 2021
- Market index 724.8 vs 667.7 prior
- Purchase index 295.5 vs 279.5 prior
- Refinancing index 3,219.9 vs 2,916.7 prior
- 30-year mortgage rate 3.20% vs 3.27% prior
The jump in mortgage applications in the past week owes to both a spike in purchasing and refinancing activity, with the long-term rate seen slipping further from the high of 3.36% in mid-March.
The latest retreat in yields/rates may be a catalyst to spur housing activity for now before the possibility of the reflation narrative kicking into gear again later in the year.