January 15, 2025 at 12:00PM
Prior -3.7%
Market index 224.4 vs 168.4 prior
Purchase index 162.0 vs 127.7 prior
Refinance index 575.6 vs 401.1 prior
30-year mortgage rate 7.09% vs 6.99% prior
After the holiday down time, US mortgage applications picked back up strongly in the past week amid a resurgence in both purchases and refinancing activity. That despite the interest rate for the most popular US home loan rising above 7% to its highest since May last year. It’s the fifth consecutive weekly jump for the main rate, reflecting a move in the opposite direction of the Fed’s policy rate. And that’s not too optimistic for the mortgage market if conditions continue to stay this way.
This article was written by Justin Low at www.forexlive.com.