Summary

• Mortgage applications to purchase a home dipped in the current survey week and remained near rock-bottom levels, down by 34% from the same week in 2019, according to data by the Mortgage Bankers Association today.
• The average weekly mortgage rate for conforming 30-year fixed mortgages rose to 6.45% in the latest reporting week, according to the Mortgage Bankers Association today.
• Pending home sales for March – deals that were signed in March but haven’t closed yet – also remained at rock bottom, down by 30% from March 2019.

For the 4th year in a row: Normal-ish mortgage rates, too-high prices, and the “lock-in effect” from the Fed’s reckless interest rate repression.

Late last year and early this year, the story was that dropping

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