U.S. MBA mortgage market index rose 3.0%
U.S. MBA mortgage market index rose 3.0% in data released earlier, along side a 0.8% rise in the purchase index and a 5.3% jump in the refinancing index for the week ended August 4. The average 30-year fixed rate mortgage sank 3 basis points to 4.14%, starting off the month of August on lower path, though rebounding somewhat with Friday's solid July payrolls report. Data otherwise has been fairly mixed to start off the month, while price pressures have not been evident as noted by recent dovish Fedspeak. The housing sector remained relatively bouyant will this truce on interest and mortgage rates remains intact for now. For more on the sector, see our existing home sales, housing starts and new home sales.