Tumble! Mortgage Purchase Applications Drop 33% YoY As Economic Shutdown Continues

According to the latest survey from the Mortgage Bankers Association (MBA), the Refinance Index decreased 19 percent from the previous week and was 144 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 12 percent from one week earlier. The unadjusted Purchase Index decreased 12 percent compared with the previous week and was 33 percent lower than the same week one year ago.

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Yes, 33% lower than the same week a year ago.

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And this was in spite of the historic drenching of the market by The Fed with liquidity and trillions in economic something by Congress.

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And nearly a third of U.S. apartment renters didn’t pay April rent.

This was a tumble!