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Illustration: Aïda Amer/Axios

The housing market continued to slow as mortgage applications fell 10.1% from last week, according to data from the Mortgage Bankers Association’s (MBA) weekly survey.

Why it matters: The MBA survey released this morning follows weak numbers from the Case-Shiller 20-city home price index, which rose just 2% month-over-month in July and did not rise at all on a monthly basis after seasonal adjustments.

  • This represents the slowest rate of home price appreciation since 2012.

The intrigue: Despite a fall in U.S. Treasury yields and the Fed cutting overnight interest rates last week, the average U.S. 30-year mortgage rate ticked up above 4%, MBA's data showed.

  • "[D]espite falling yields, mortgage rates ticked up again and have risen 20 basis points over the past two weeks,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
  • “The increase in rates led to fewer refinances, and activity has now dropped 17 percent over the last two weeks.”

Go deeper: Millennials are relandscaping the housing market

Go deeper

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.

Ina Fried, author of Login
Updated 3 hours ago - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.