US MBA mortgage applications w.e. 3 January -3.7% vs -12.6% prior

• Prior -12.6%
• Market index 168.4 vs 174.9 prior
• Purchase index 127.7 vs 136.7 prior
• Refinance index 401.1 vs 395.1 prior
• 30-year mortgage rate 6.99% vs 6.97% prior

After a big plunge in the week before, mortgage applications are falling further again to start the new year with purchase activity weighing this time. That is partially offset by slight rise in refinancing activity, after the sharp plunge in the week prior here. With rates continuing to hold higher, the outlook isn’t a bright one to start the year for the mortgage market.

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