U.S. MBA mortgage market index sank 8.5%
U.S. MBA mortgage market index sank 8.5% in data released earlier, along with a 7.6% tumble in the purchase index and a 10.6% plunge in the refinancing index for the week ended December 28. The negative report came despite a mild 2 basis point dip in the average mortgage rate to 4.84%. The holiday week sandwiched between Xmas and New Years is always a fluky one, though typically seasonally adjusted, but the deterioration in the mortgage market fits with the broad slowdown in the housing sector as the Fed, president and markets square off on the future of the policy path in 2019. For more on the housing sector, see our existing home sales, housing starts and new home sales reports.