US Mortgage Apps Fall Lowest Since 1997 As Purchase Apps DOWN -29% YoY, Refi Apps DOWN -83 83% YoY

US mortgage applications dropped to the lowest level since 1997. I wonder if President Biden will invite boring crooner James Taylor back to the White House to sing about the collapsing mortgage market? Perhaps he can sing “Shower The People” and change the lyrics to “Shower ON The People.”