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.

Articles You May Like

7.4 magnitude earthquake hits off Alaska; tsunami warning issued
European equities extend fall in opening hour of trade
US stocks fade to finish flat on the day with narrow gains on the week
Cable nears 1.3000 as pound keeps firmer on the session
Trade ideas thread – Monday 19 October 2020

Leave a Reply

Your email address will not be published. Required fields are marked *