Housing Recovery? US Mortgage Applications Tumble Most Since 2016

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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