According to the Mortgage Bankers Association (MBA), applications to refinance residential mortgages fell 15.33% from the previous week as the 30 year mortgage rate rose to 4.84%.
Mortgage purchases applications fell 11.29% from the previous week NSA, but rose .91% SA. Here is a view since 1990 of seasonally-adjusted mortgage purchase applications showing 1) the housing bubble and 2) the slowdown in purchase apps as a result of rising mortgage rates.
And rates will keep rising!
Yes, the Federal Reserve is lurking like the alien with Ripley.