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Mortgage Purchase Applications Drop 10.33% Despite Rate Decline

Better Call Jerome (Powell)!

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.

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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.

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Yes, it is hard to shop for a home in a virus lockdown.

Lenders better call Jerome (Powell) for more QE!

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