• Market index 215.1 vs 201.2 prior
• Purchase index 133.9 vs 132.8 prior
• Refinance index 661.4 vs 570.7 prior
• 30-year mortgage rate 6.55% vs 6.82% prior

The average rate of the most popular US home loan took a plunge last week after the drop in yields on Friday, alongside signals from the Fed to cut rates. The massive plunge is enough to get mortgage applications back up with both purchasing and refinancing activity also climbing.

This article was written by Justin Low at www.forexlive.com.