I was watching Stuart Varney on Fox Business and he excitedly announced that MBA applications were up 4.56% WoW in the latest MBA report.
True, but applications for a purchase mortgage were down -1.42% WoW.
But refinancing application were up 8.23% WoW as mortgage rates continue to fall since the Covid outbreak.
Mortgage credit availability plunged as mortgage rates hit all-time low.
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