The Mortgage Bankers' Association (MBA) index sank 4.0% in data released earlier, alongside a 3.3% drop in the purchase index and 3.6% slip in the refinancing index for the December 9 week. The average 30-year mortgage rate continued to inch higher, rising 1 basis point to 4.28%, the highest level since October 2014. With the Federal Reserve poised to pull the trigger on its annual quarter point December rate hike, the economy appears to have some fiscal momentum behind it now, along with low unemployment helping to stoke demand for housing. That said, after these hard-fought economic gains, the Fed will likely continue to emphasize the gradual policy path so as not to spook the markets and housing sector.
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