Deader Than Dead: as Mortgage Rates Rise, Refinancings Hit 18-Year Low

via confoundedinterest:

Rising interest rates have led to the lowest level of mortgage refinancing applications since December 2000.

And compared to the “Go Go” days of the housing bubble, mortgage purchase applications are back to 1997 levels and growing at a tepid rate (by comparison).

Even rising home prices aren’t thwarting mortgage purchase lending.

But at least mortgage purchase applications are down only 2.44% over the previous week.

To paraphrase Freddie “Boom Boom” Cannon, mortgage refinancings are NOT where the action is.