U.S. MBA mortgage market index surged 23.5%
U.S. MBA mortgage market index surged 23.5% in data released earlier, in addition to a 16.5% burst higher in the purchase index and a 35.3% surge in the refinancing index for the week ended January 4. The average 30-year fixed mortgage rate dove 10 basis points to 4.74% and stirred up a hive of mortgage-related activity. Rates plunged into year-end on the Apple sales miss, government shutdown and concerns about slowing global growth before Fed's Powell tempered his policy message and December payrolls came in solid. That send market yields to the near lowest level in a year before snapping back from lows, with help on the U.S.-Sino trade front. Meanwhile, the housing sector has been cooling from previous rate increases and elevated prices. For more, see our existing home sales, housing starts and new home sales reports.