A recent market report revealed steady mortgage rates despite fluctuations in the overall market index. Key statistics show that the 30-year mortgage rate remained at 6.92%, a minor increase from the previous period, while the purchase index rose to 166.5 and the refinance index increased to 718.1. This stability is not unexpected, as rising long-term interest rates typically lead to decreased mortgage applications. The correlation between the mortgage market index and the US30Y yield suggests that investors are cautious about potential rate hikes, resulting in relatively stable mortgage rates despite market volatility.
Source: https://www.forexlive.com/news/us-mba-mortgage-applications-we-16-may-51-vs-11-prior-20250521