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.