Wall Street

Mortgage Applications Drop For Third Straight Week, Refinancing Drops to 22-Year Low

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The Street

By Tony Owusu Signs that the U.S. housing market is stressed have been piling up over the past few weeks. The U.S. housing market is under duress. For weeks now the economic data coming out of the U.S. housing market has been downbeat as yields have surged since the Federal Reserve decided to raise rates. Soaring home prices and mortgage rates, combined with low supply, have worked to depress the housing market. U.S. housing starts fell 2% in June from May to a seasonally adjusted annual rate of 1.56 million, according to the Census Bureau. That’s the lowest reading since September and represe…

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