A problem is developing in the Housing Market:

Homebuyers are not responding to lower mortgage rates.❌

Mortgage apps (to purchase) still down 57% from pandemic peak. And 43% from pre-pandemic levels.

You can see clearly on the chart below that applications are not following the inverse of Mortgage Rates up.

$BEAT $ARC $SWARMS #USJobsData

BEATUSDT

Perp

2.8688

+28.80%

ARCUSDT

Perp

0.04387

+18.34%

SWARMSUSDT

Perp

0.01456

+8.49%