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Mortgage Refi Activity Plunges To 18 Year Lows (And It’s About To Get A Lot Worse)

Courtesy of ZeroHedge. View original post here.

It appears The Fed's desperate efforts to normalize interest rates (and its balance sheet) before the next recession strikes is reflexively driving a significant part of the economy towards that very end.

As the Mortgage Bankers Association reports, mortgage applications decreased 2.9% from one week earlier.

The Refinance Index decreased 5% from the previous week to its lowest level since December 2000.

The seasonally adjusted Purchase Index decreased 2% from one week earlier.

The unadjusted Purchase Index decreased 3% compared with the previous week and was 2 percent higher than the same week one year ago. …

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.77 percent from 4.78 percent, with points remaining unchanged at 0.50 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

And given the recent surge in mortgage rates, it's about to get a lot worse…

And it appears Homebuilder stocks are starting to pick up those signals – despite, still near cycle high NAHB optimism…


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