Latest data from the Mortgage Bankers Association for the week ending 21 May 2021
- Market index 693.7 vs 724.2 prior
- Purchase index 269.8 vs 265.3 prior
- Refinancing index 3,168.8 vs 3,413.3 prior
- 30-year mortgage rate 3.18% vs 3.15% prior
The drop in mortgage applications in the past week owes much to a sharp decline in refinancing activity as purchases were seen a little higher compared to the previous week.
Overall, with rates keeping higher, it is still causing some moderation in housing market activity after the surge seen last year amid lower rates at the time.