The further rise in the average 30 yr mortgage rate to 6.65%, up 20 bps over the past two weeks and to the highest since last August, had an immediate impact on refi’s which fell 18% w/o/w to the lowest since last August. Purchase applications though were little changed but after falling by 4.1% in the week before.
In order to jump start housing transactions I believe we need lower prices and/or further increases in wage growth that exceed home price increases.
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