- Prior -3.7%
- Market index 194.7 vs 197.4 prior
- Purchase index 151.7 vs 154.4 prior
- Refinance index 409.7 vs 412.5 prior
- 30-year mortgage rate 6.81% vs 6.91% prior
Despite a drop in the average rate of the most popular US home loan, both purchases and refinancing activity continue to take a hit. And that is weighing on mortgage applications as housing market conditions continue to take a hit amid tighter financial conditions. With the Fed still sticking with the view of higher rates for longer, that will continue to pressure the housing market in the months ahead.