BORROWING BLUES

For the week ending 10/30/26, first-time mortgage applications are down 19% Y-o-Y, at levels last seen in 2023/24 and before that in 1995. Moreover, applications to refinance a home mortgage are down 60% Y-o-Y, at levels last seen in 2023/24 and before that in 2000. With rates well above 7%, existing home sales will likely slow slightly, and prices will be under pressure.