Nothing more to add, things will continue be just weird...
The apps are dropping, the customer is nowhere to be found and the rates are going up...
Have fun....
The MBA Mortgage Application Index fell 6.6% last week, following the prior week's 4.1% decrease. The decline came as a 7.1% drop in the Refinance Index was met with a 6.2% fall for the Purchase Index. The average 30-year mortgage rate gained 7 basis points (bps) to 4.64%.
There have always Been ups and downs in the mortgage industry, however, it's an excellent indicator of what is or will be happening in all other sectors of the market. If it suffers, then, the rest of industry soon follows. Those in the mortgage industry knew a collapse was coming in 2007 in the years before it even happened.
That ship sailed years ago. Anyone who is still hanging on in mortgage must be oblivious to the world around them or just plain stupid.