Faux 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.  If the Fed raises rates in June- there will be a further contraction.

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…

7 Responses

  1. iwantmynpv — OK — and why are not those hedge funds disclosed to the borrower? That is a violation of the FDCPA. And, to the banks dismay — won’t get much more of the foreclosure property purchaser than you would from a borrower whose loan is modified. But, of course, the bank is gone, hedge funds are now in place. Deregulated. And, who deregulated? Contract with who? Tile with who?

  2. Anon, most foreclosed properties get sold out to hedgies at a 21% discount to CMV… us common folk would hardly hurt or benefit anyone.

  3. anonymous — agree too.

  4. @anonymous
    I wholeheartedly agree.

  5. Please don’t buy any foreclosed properties and this way WE The People could help others.

  6. Reblogged this on Mario Kenny.

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