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

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