Breaking Down the Multi-Decade Lows in Mortgage Applications
It's a fairly sobering headline any way you word it: mortgage applications hit the lowest levels in 22 years last week according the the Mortgage Bankers Association (MBA). Loan originators who focus on the refinance market probably aren't too surprised. Refi apps entered long-term low territory more than a month ago and they've only been barely above the levels of 22 years ago since then.
The purchase market has been a different story. As recently as early May, we were still able to say that weekly purchase apps were higher than almost any other week before the pandemic going all the way back to 2010. They dropped substantially 4 weeks ago but held on to levels that were fairly central in the bigger picture for 3 straight weeks.
Today's update changes things. The drop in refi
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