Overall, mortgage applications tumbled 7.3% last week and are down over 15% in the last three weeks - the worst drop since January 2016...But the real pain is in refis - which crashed 11% in the last week (after falling 8.2% and 11.4% in the prior two weeks) as mortgage rates ticked up...

Mortgage rates are up just 10bps from 3 weeks ago.

Is the housing market really this sensitive to mortgage rates? If so, Jay Powell is in an even more serious box here than even he knows.