U.S. MBA mortgage market index rose 5.5%
U.S. MBA mortgage market index rose 5.5% along side a 18.8% jump in the purchase index and a 3.1% drop in the refinancing index for the week ending November 18. The average 30-year fixed mortgage rate leapt 21 basis points to 4.16%, the highest level since January and it appears the Trumpflation sell-off on bonds prompted more than a few home buyers off the sidelines as mortgage rates surged, though refis of course declined as many were priced out. It's up to the Fed now in December to match that move by the markets, which is an easier path to take now and all but priced in. Yet that could cool the housing sector ahead, unless growth, jobs and incomes keep pace with the increased cost of financing a home purchase. For more on the sector, see our housing starts, new home sales and existing home sales.