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US MBA mortgage applications w.e. 20 March -29.4% vs -8.4% prior

Latest data from the Mortgage Bankers Association for the week ending 20 March 2020

  • Prior -8.4%
  • Purchase index 237.4 vs 278.1 prior
  • Market index 758.4 vs 1,073.6 prior
  • Refinancing index 3,809.3 vs 5,751.0 prior
  • 30-year mortgage rate 3.82% vs 3.74% prior

That is the biggest percentage drop in the headline reading since 2009, as we see refinancing activity suffer a sharp drop but also for purchases as well. This comes as the long-term mortgage rate creeps back a little higher on the week.

With the economic situation set to be more dire in the weeks to come, expect that to have a negative effect on the housing market – not just in the US, but everywhere else too.

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