A welcome increase for the week, but still running a full 10% lower than last year.
And cash purchases are also falling, which means sales can’t be rising, etc.
“Despite adjustments for the Labor Day holiday the previous week, mortgage applications surged last week, even amid rising rates.
Total application volume rose 7.9 percent week-to-week, according to the Mortgage Bankers Association (MBA), driven mostly by refinances, which doesn’t jibe with the rise in rates.
Applications to refinance rose 10 percent from the previous week, but are still down 22.5 percent on year. Mortgage applications to purchase a home rose 5 percent from the previous week but are down 10 percent on year.”
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