📌 Mortgage 30Y rises to 6.43% ( from 6.30% ), returning to the highest level in 8 months. Clearly, this increases pressure on homebuyers as monthly payments rise by hundreds to thousands of USD -> enough to disqualify many from qualifying for a loan.

📌 Total mortgage applications -10.5% W/W, indicating many people are unable to afford homes at the new interest rates.
📌 Refinance -14.6% WoW -> those with existing loans have less reason to refinance since there is no cash flow freed up from lower interest rates. American consumer spending will definitely be affected.
📌 Mortgage is always an early indicator of the economy. Current data isn't too bad, but it seems unlikely that the Fed will raise interest rates again by the end of the year.