The party's over. Despite a reversal of the modest rise in mortgage rates in early March, mortgage applications continue to collapse.

Overall, mortgage applications fell 4.3% on the week, following last week's 7.3% plunge; but refis tumbled 5.0% on the week...

In fact this is the biggest four-week crash in refinancings since March 2013...

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.

And with the market pricing in 30bps of rate-cuts in 2019, where can Powell go from here?