HOMZ - Mortgage Applications Drop 8% Below 2019
- Demand from buyers who need a mortgage to fund the purchase of a home has been declining for months, and in the week ended July 2 fell further and is now down 14% from the same week in 2020 and down 8% from the same week in 2019.
- Mortgage applications are now at the low end of the range in 2019. The entire pandemic boom has now been worked off, plus some.
- There is now consistent taper talk coming from the Fed, including ideas about tapering its purchases of MBS sooner or faster than tapering its purchases of Treasury securities.
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Mortgage Applications Drop 8% Below 2019