Market index 386.1 vs 297.7 priorPurchase index 174.0 vs 169.1 priorRefinance index 1596.7 vs 1012.4 prior30-year mortgage rate 6.39% vs 6.49% prior
This is never a market moving release. Mortgage applications are generally inversely correlated to mortgage rates.
Having said that, this should be a little bit concerning for the Fed given that a slight fall in mortgage rates is leading to such a strong surge in demand.
After years of elevated mortgage rates and low demand for mortgages, there could be some type of FOMO for lower rates.
This article was written by Giuseppe Dellamotta at investinglive.com.