US MBA mortgage applications w.e. 7 February +2.3% vs +2.2% prior

• Prior +2.2%
• Market index 230.0 vs 224.8 prior
• Purchase index 153.1 vs 156.7 prior
• Refinance index 640.6 vs 584.3 prior
• 30-year mortgage rate 6.95% vs 6.97% prior

Mortgage applications rose in the past week but the details reveal a mixed showing. Purchase activity actually declined and the jump was carried by refinancing activity instead. It’s a modest start to the new year but overall activity remains rather subdued as higher rates continue to take a toll on the market.

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