The good news is that mortgage applications, according to the Mortgage Bankers Association (MBA) rose 4.2% from the preceding week. Both purchase and refinancing applications rose.
The bad news? Refi applications are still dead. Notice that the last large increase in mortgage rates (end of 2016) produced a large decline in refi applications. But the large increase in 2018 has produced a much smaller reaction.
True, mortgage purchase applications rose since last week, but they are down in recent weeks as rates remain elevated.
Investors expect two more rate increases this year.
The Fed’s economic and rate forecast tool.