The reality of rapid asset inflation that disconnects prices from economic fundamentals is that the gains are destined for mean reversion because as affordability evaporates, higher prices become the cure for higher prices…
Mortgage rates are barely moving, but demand among mortgage-dependent home buyers is weakening, data show.
Total mortgage application volume fell 3.6 percent on-week for the week ending July 11th on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA). Here is a direct video link.
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