Not even a dead cat bounce in the important component:

Mortgage Applications up on Refinancings

May 18 (CNBC) — Applications for U.S. home mortgages jumped last week for the third week in a row as falling mortgage rates fueled demand for refinancing, an industry group said Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, climbed 7.8 percent in the week ended May 13.

The MBA’s seasonally adjusted index of refinancing applications surged 13.2 percent, while the gauge of loan requests for home purchases dipped 3.2 percent.