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  • Purchase applications for home mortgages fell a seasonally adjusted 2 percent in the August 3 week, posting the fourth weekly decline in a row, while applications for refinancing fell 5 percent to their lowest level since December 2000. Unadjusted, purchase applications were 2 percent below the level a year ago.
  • The refinance share of mortgage activity decreased by 0.5 percentage points to 36.6 percent.
  • Mortgage rates were steady, with the average interest rate for 30-year fixed rate conforming mortgages ($453,100 or less) remaining unchanged from the prior week at 4.84 percent. Higher interest rates are taking their toll on mortgage activity and the 2 percent year-on-year decline in purchase applications does not bode well for a housing market already showing little life.

The MBA mortgage application index is weekly, thus it's a bit noisy. Nonetheless, it's pretty clear what's happening: Home prices are unaffordable and the Fed is hiking. Refinancing makes no sense.

Mike "Mish" Shedlock

Mortgage Monitor: Home Prices Decline 4th Month (Non-Seasonally Adjusted)

Yearly home price appreciation has slowed for 10 months and month-over-month has been negative for four months.

Consumer Sentiment Lowest Since 2012, Consumer Confidence Highest Since 2000

The University of Michigan Consumer Sentiment Index took a plunge today. The Conference Board's measure is at highs.

Mortgage Prison: Sydney Home Prices Suffer Largest Annual Decline Since 2008

Home prices in Sydney and Melbourne are back to 2016 levels. That is a tiny down payment as to what is coming.

"This Isn't a Drill" Mortgage Rates Hit Highest Level Since May 2014

A housing bust may be just around the corner. Rates have climbed to a level last seen in May of 2014.

Wage Growth for Men About 1/4% Per Year Since 2000, Women About 1/2% Per Year

Women are slowly catching up to men in median wages but growth has been pathetic across the board.

Mortgage Rates Highest Since Early 2011: Fed Could Push US Into Recession

The 15-year average mortgage rate is 4.22%. The 30-year rate is 4.72%. These are the highest rates since early 2011.

Housing Peak? Existing Home Sales Drop 2.5%, Down Year-Over-Year Second Month

It's looking increasingly likely that housing has peaked this cycle. Year-over-year sales are down the second month,

Manufacturing ISM Down 5th Month to Lowest Since June 2009

The US manufacturing slump continues unabated. Unlike the dip in 2015, this isn't energy related.

It's Likely You Can Refinance Your Mortgage At a Lower Rate

Mortgage rates are approaching record lows. Investigate refinancing.