US MBA mortgage applications w.e. 9 August +16.8% vs +6.9% prior

• Prior +6.9%
• Market index 251.3 vs 215.1 prior
• Purchase index 137.7 vs 133.9 prior
• Refinance index 889.3 vs 661.4 prior
• 30-year mortgage rate 6.54% vs 6.55% prior

The big jump in the past week comes as we see a spike in refinancing activity in particular. That comes as the average rate of the most popular US home loan came falling in the last two weeks, amid the plunge in yields. Here’s a look at how the jump in refinancing activity looks from the graph:

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