US MBA mortgage applications w.e. 13 May -11.0% vs +2.0% prior

• Prior +2.0%

• Market index 319.4 vs 358.9 prior
• Purchase index 225.0 vs 255.4 prior
• Refinancing index 826.9 vs 913.6 prior
• 30-year mortgage rate 5.49% vs 5.53% prior

Mortgage activity in the US continues to take a big hit amid rising rates with the purchase index slumping to its weakest since May 2020 and the refinancing index dragged to its lowest since January 2019. This continues to suggest that there is a toll being exerted on the housing market even if prices are still yet to really cool down significantly. There's a story to tell from the charts below:

US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term