Despite Mortgage Rate Declines, Mortgage Purchase Applications Fall With Smokin’ Home Price Growth (What Will The Fed Do?)

by confoundedinterest17

While the Fed’s Jackson Hole meeting is going on, the Mortgage Bankers Association released their weekly applications data. Mortgage purchase applications fell -1.6% from the previous week. But look at the following chart.

With smokin’ home price growth, we are seeing a decline in mortgage purchase applications.

But at least mortgage refinancing applications are up 9.27% from the previous week as the MBA contract rate fell from 3.11% to 3.01%.

Is The Fed paying attention? Or riding jackalopes in Jackson Hole?