After dismal housing starts and permits data yesterday, the 'housing recovery' narrative took another knock this morning as mortgage applications tumbled 4.1% last week - the biggest drop since December 2016.

While mortgage rates were unchanged, both purchases and refis fell notably...

  • Purchases down 2.7% after rising 1.7% in prior week
  • Refis fell 5.7% after rising 3.3% in prior week

 

Perhaps additionally of note the government's programs saw a dramatic drop off in the last week...