The figures are encouraging for a housing market that’s been hamstrung by affordability constraints in recent years. Contract signings have now picked up for four straight months, according to the National Association of Realtors, pointing to building momentum for sales going into the new year.
Despite the decline in borrowing costs, MBA’s purchase index fell a seasonally adjusted 6.2% last week. That said, it’s typical to see less buyer interest and greater volatility around year-end holidays. The refinancing gauge, however, rose an adjusted 7.4%.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.
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