First-Time Financing

With mortgage rates dipping last week by 24bps to 6.9%, the largest decline since July 2022, and home prices trending down since peaking in June, first-time mortgage applications spiked a pleasant 4.4% W-o-W for the week ending 11/11/22. Still, they remain down 39.9% Y-o-Y. As for refinancing, because rates are still so high, activity fell another 1.6% W-o-W, and is now down 86.4% Y-o-Y.