Latest data from the Mortgage Bankers Association for the week ending 10 July 2020
- Market index 815.5 vs 775.9 prior
- Purchase index 305.4 vs 325.2 prior
- Refinancing index 3,774.3 vs 3,373.9 prior
- 30-year mortgage rate 3.19% vs 3.26%
The rise in the prior week was largely due to a surge in refinancing activity as purchases eased a little after hitting its highest level since 2009. The jump in refinancing comes alongside a further drop in the long-term rate to 3.19% – the lowest in the survey’s history.