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Mortgage Apps Crash Most Since 2009

Courtesy of ZeroHedge View original post here.

While The Fed cut rates to zero and unleashed unprecedented QE and backstops, mortgage rates have spiked in the last two weeks…

Source: Bloomberg

So much for “helping Main Street.” Amid COVID-19 shutdowns and quarantines and related financial turmoil, general anxiety has taken the shine off a renaissance in the housing market as mortgage applications crashed 29.4% week-over-week – the biggest weekly drop since the financial crisis.

Source: Bloomberg

Home-purchase applications dropped by 14.6% while refinancing applications plummeted 33.8%…

Source: Bloomberg

As Bloomberg notes, the decline in applications is an early sign suggesting home sales will slow and that refinancings are coming off a spike. That follows other data indicating a precipitous dropoff in business activity this month as stores and schools shutter to prevent the spread of the virus.

Source: Bloomberg

And with mREITs collapsing left and right, amid margin calls and liquidity chaos which sparked a massive decoupling between mortgage rates and Treasuries, one wonders, aside from MOAR unprecedented-er action by The Fed to buy more mortgages and reliquify those that borrowed short to lend long…

Source: Bloomberg

After all, we live in bailout nation – so why not?


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