Mortgage rates dipped last week. You'd think that would help.
Applications dropped 5.3% instead. That's seven straight weeks down.
People aren't just waiting for lower rates anymore. They've stopped looking entirely. The psychology has shifted from "rates are too high" to "maybe I shouldn't be buying right now."
That's the difference between a technical pause and something deeper. When cheaper money doesn't bring people back, the issue isn't price. It's confidence.
Applications dropped 5.3% instead. That's seven straight weeks down.
People aren't just waiting for lower rates anymore. They've stopped looking entirely. The psychology has shifted from "rates are too high" to "maybe I shouldn't be buying right now."
That's the difference between a technical pause and something deeper. When cheaper money doesn't bring people back, the issue isn't price. It's confidence.