Mortgage Application Index Decreased to Lowest Number in 22 Years

More of what the Democrats ain’t telling you.

Wall Street Journal: A measure of mortgage applications fell to its lowest level in 22 years last week, another sign the U.S. housing market is coming back to Earth after a red-hot, two-year stretch. Applications fell 6.5% in the week ended June 3, the fourth consecutive week of declines, according to the Mortgage Bankers Association. Refinance and purchase activity fell 6% and 7%, respectively. Higher interest rates have been weighing on demand for refinances all year, but now there are signs the slowdown has spread to purchase demand as well. Sales of existing homes in April fell to their slowest pace since before the pandemic. But even with sales slowing, home prices continue to rise thanks to a dearth of homes for sale. That means many would-be buyers are struggling with the twin challenges of double-digit jumps in home prices and higher borrowing costs (Wall Street Journal).