JRE - Mortgage Applications Drop To Lockdown Lows 'Bad Time To Buy' Hits Record High

• Applications for mortgages to purchase a home dropped 7% for the week, and were down 21% from a year ago.
• The MBA’s Purchase Mortgage Applications Index has now dropped below the lows of late 2018.
• The percentage of people who said that now is a “bad time to buy” a home jumped to 79%, another record-worst in the data going back to 2010.
• Applications for mortgages to refinance an existing mortgage dropped another 6% for the week, and have collapsed by 75% from a year ago, to the lowest level since the year 2000.
• Cash-out refi applications in week through May 30 (black line) plunged by 42% from the same week in 2021 and have stabilized roughly level with 2019.

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