woensdag 12 juli 2017

Mortgage Applications Plunge As Rate-Hike Craters Refis

Who could have seen this coming? US mortage applications tumbled 7.4% in the prior week, the biggest drop since 2016, as mortgage rates rose to two-month highs following the Fed's rate-hike and hawkish jawboning...


The big driver was refis which fell 13% WoW and a stunning 57% year-over-year, the biggest plunge since the taper tantrum...


All data above adjusted for July 4th holiday. Still, probably good to keep up the normalization, because extreme high home prices, stagnant wages, and soaring rates will help underpin our 'strong' recovery....

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