• Prior -6.9%
• Market index 165.2 vs 166.9 prior
• Purchase index 127.0 vs 129.8 prior
• Refinance index 354.0 vs 347.6 prior
• 30-year mortgage rate 7.90% vs 7.70% prior

Yikes, the average rate of the most popular US home loan is now up to near 8% – the highest since September 2000 – and that is continuing to put a drag on mortgage activity. This time, purchase activity is the one slumping and is offset slightly be refinancing activity on the week.

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