U.S. MBA mortgage market index surged 9.9%
U.S. MBA mortgage market index surged 9.9% in data released earlier, in addition to a 10.9% jump in the purchase index and a 8.9% gain in the refinancing index for the week ended September 8. The average 30-year fixed mortgage rate sank another 3 basis points to 4.03% in the holiday shortened week as the perfect storm of N. Korean threats and record Hurrican Irma winds sent yields down to post-election lows. Accordingly, Fed rate hike forecasts for the balance of the year were virtually washed out, though downgrades on both of those fronts since the weekend has seen yields rebound from lows, which should cool mortgage activity this week in addition to the storm disruptions in Texas and Florida. For more information on the resilient housing sector, review our existing home sales, housing starts and new home sales reports.