U.S. MBA mortgage market index sank 9.4%
U.S. MBA mortgage market index sank 9.4% in data released earlier, along side a 0.2% dip in the purchase index and a 16.2% plunge in the refinancing index for the November 25 week. It didn't help that the average 30-year fixed mortgage rate bounced 7 basis points to 4.23%, which marked the highest level since July 2015. This was accompanied by the steady drumbeat of hints from the Fed that it is poised to hike rates in December, along with the Trumpflation rally on stocks that has only slowed down this week. Yet prior to the election in October, housing stats were still pretty healthy as some buyers jumped off the fence ahead of that result and the uptick in mortgage rates. For more detail, see our existing home sales, housing starts and new home sales reports.