Mortgage applications tumbled 9.4% from the prior week as mortgage rates soared above 4.00% to the highest level since July 2015. The biggest driver of the decline in mortgage demand was a 16% crash in refinances – tumbling to their lowest level since the first week of January (a seasonally dismal time).
This plunge is notably worse than seaonal norms would suggest and also implies more is to come…
None of which bodes well for the soaring homebuilder stocks…
Just don't tell Janet.
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