Mortgage Applications Still Falling; Purchases Still Looking Resilient
The Mortgage Bankers Association's (MBA) latest weekly mortgage application data shows an ongoing and unsurprising decline in refinance applications. The index is nearly back to its most recent major lows from the end of 2018 which effectively mark the lower boundary going back to 2001. In other words, refi demand hasn't been much lower for more than 20 years.
Purchases have been and continue to be a different story. Granted, there was 3 percent week-over-week decline in seasonally adjusted terms (2 percent, unadjusted), but the index continues to operate in territory that's much healthier, historically.
Is there a risk that rising rates could eventually overshadow that resilience? Anything's possible, but history suggests more meaningful shocks to homebuying demand come f
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