AI Data Insight
Affected by the intense Winter Storm Fern, the latest MBA Purchase Index plummeted significantly from the previous week's 193.3 to 165.4, a decline of 14.4%, marking the largest single-week correction in recent times. Although the 30-year mortgage rate fell back to a three-year low of 6.21%, extreme weather brought house viewing activities to a halt in many parts of the US, temporarily freezing home buying demand.