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News Story Source: https://www.zerohedge.com, Tyler Durden
Overall, mortgage applications tumbled 7.3% last week and are down over 15% in the last three weeks – the worst drop since January 2016…But the real pain is in refis – which crashed 11% in the last week (after falling 8.2% and 11.4% in the prior two weeks) as mortgage rates ticked up…
Mortgage rates are up just 10bps from 3 weeks ago.
Is the housing market really this sensitive to mortgage rates? If so, Jay Powell is in an even more serious box here than even he knows.
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