PQSV - Is 4% The 'Magic Number' For Mortgage Rates To Prick The Housing Market (And Stocks)?

• The average weekly contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 4.06 percent for the week ended February 18, the second week in a row above 4%, and the highest since July 2019.
• The MBA’s Refinance Mortgage Applications Index has now plunged to the lowest level since June 2019 and is down by 74% from the pandemic highs - and mortgage rates have just started rising and are still ridiculously low, given that CPI inflation has surged to 7.5%.
• It looks like the Magic Number now for the average 30-year fixed mortgage rate is a little north of 4% - a level when the layers of potential buyers, such as first-time buyers, are disappearing from the market.

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