After dismal housing starts and permits data yesterday, the ‘housing recovery’ narrative took another knock this morning as mortgage applications tumbled 4.1% last week – the biggest drop since December 2016.
While mortgage rates were unchanged, both purchases and refis fell notably…
- Purchases down 2.7% after rising 1.7% in prior week
- Refis fell 5.7% after rising 3.3% in prior week
Perhaps additionally of note the government’s programs saw a dramatic drop off in the last week…
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