<ul><li>Prior -1.2%</li><li>Market index 264.7 vs 255.0 prior</li><li>Purchase index 200.1 vs 198.1 prior</li><li>Refinancing index 588.1 vs 532.9 prior</li><li>30-year mortgage rate 6.25% vs 6.01% prior</li></ul><p style=”” class=”text-align-justify”>That’s a decent bounce in mortgage activity, mostly due to a jump in refinancing in the past week. But it doesn’t take away from the downtrend this year as rising rates weigh more heavily on the housing sector. Despite the jump, the most notable thing of the report is that the mortgage interest rates climbed higher again to 6.25% – its highest since October 2008. For some context, even with the jump in refinancing activity, the index remains 82.7% lower than where it was a year ago.</p><p><a href=”https://www.forexlive.com/terms/u/us-dollar/” target=”_blank” id=”fddda8f4-d5f8-4ee4-8e34-3760ed062f3c_1″ class=”terms__main-term”>US Dollar</a></p>
This article was written by Justin Low at forexlive.com.