• Prior +3.7%
• Market index 214.4 vs 216.9 prior
• Purchase index 165.8 vs 169.1 prior
• Refinance index 461.2 vs 457.6 prior
• 30-year mortgage rate 6.50% vs 6.55% prior

Despite a drop in rates in the past week, mortgage activity declined mainly due to a slump in purchases – which were offset slightly by a rise in refinancing activity. Overall, it still points to weaker conditions in the mortgage market as it has been over the past year already since the Fed began aggressively hiking rates.

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