Applications for home mortgages in the U.S. have dropped to a record low since the Federal Reserve announced its plans to “taper,” or slow its bond-buying program. Folks in the bond market sold off, mortgages rates went up, and mortgages, well, they didn’t look as great. Nicolas Retsinas, senior lecturer of real estate at Harvard Business School, explains what’s happening to Marketplace Morning Report. Click the audio player above to listen.