MBA “Purchase Index” & “Mortgage Applications” Fall Despite Low Rates

MBA Purchase Index decreased to 271.10 points in the United States on October 29 from 275.60 points the previous week.

Mortgage applications in the United States fell 3.3 percent last week, following a 0.3 percent increase the week before, according to data from the Mortgage Bankers Association.

Refinancing applications fell 4.3 percent, while purchase applications fell 1.6 percent.
The average 30-year fixed mortgage rate decreased by 6 basis points to 3.24 percent, the first decrease in six weeks

“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth, and rising inflation pushed Treasury yields lower. Purchase activity continues to be held back by high prices and low for-sale inventory, but current applications levels still point to healthy housing demand.”Joel Kan, an MBA economist, stated in a public statement.