Mortgage Applications Slowing…… July 28, 2022

The number of applications for residential mortgages went down for the fourth consecutive period during the week ended July 22 according to the Weekly Mortgage Applications Survey produced by the Mortgage Bankers Association (MBA).  This brings new applications to the lowest they have been since February 2020.  Remember February 2020?  This was the month right before the Covid shutdown, and it was March 2020 that interest rates dropped like rocks and the refinance and purchase boom began.  So, are we right back to normal?  Or is this the indication of even more slowing?  Time will tell…………