Yesterday, the Mortgage Bankers Association released their weekly mortgage applications index … and it was dismal for mortgage purchase applications.
Liquidity moves markets!Follow the money. Find the profits!
Mortgage purchase applications, generally peak each year in mid-April to May, crashed prematurely in late-March by 11.3% WoW.
One reason for the decline is, that in spite of a mortgage rate decline, initial jobless (unemployment) claims hit a historic high of 6.65 million.
Yes, it is hard to shop for a home in a virus lockdown.
Lenders better call Jerome (Powell) for more QE!