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?