Mortgage Purchase Demand Continues Surging, Sort Of...
Everything's relative. The recent crop of weekly mortgage application data from the Mortgage Bankers Association (MBA) is no exception. While we've seen several examples of short term milestones, the past year has essentially represented a longer term low point with an incredibly flat trajectory.
The most recent weekly survey is just the latest example. Along the same lines as last week, the purchase applications index rose to another recent high--yet again hitting the best levels since early 2024.
Over this time horizon, that chart looks pretty great, but again, everything's relative.
If there's an upside, it's that there's an upside. In other words, the chart suggests that 2024's levels are a low point and there's nowhere to go but up.
The most recent refi in
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