Housing Under Biden: Mortgage Demand Increases 6.3% Since Last Week On Rate Declines, But Purchase Demand Down 32% Since Last Year, Refi Demand Down 44% YoY

Confounded Interest ^ | 05/10/2023 | Anthony B. Sanders

[Kaiser8408a]

Resident Biden has been an unmitigated disaster for the US middle class, but fantastic for BIG corporate America and the donor class.

Mortgage applications increased 6.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 5, 2023.

The Market Composite Index, a measure of mortgage loan application volume, increased 6.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7 percent compared with the previous week. The Refinance Index increased 10 percent from the previous week and was 44 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index increased 5.3 percent compared with the previous week and was 32 percent lower than the same week one year ago.

Here is the data.

Middle class Joe as he likes to call himself is actually BIG CORPORATE Joe. A friend of big donor and BIG pharmam, BIG banks, BIG tech, BIG defense contractors, BIG media. No wonder Hunter Biden refers to Joe as “The BIG guy!”

[Kaiser8408a]

Biden is the economic terminator of the middle class.

[Brian Griffin]

The higher interest rates and lower mortgage demand are due to higher inflation.

Blame Congress and the presidents (Trump & Biden) who did not veto the spending bills.

[Brian Griffin]

Joe was the senator from the incorporation state of Delaware.

[sauropod]

.

[dynachrome]

JoJo the demented circus boy will be crowing about this.

[antidemoncrat]

“Resident Biden has been an unmitigated disaster for the US middle class,”

This has been the Democrats plan all along

Next comes disarm law abiding citizens

Next comes the Democratic Socialist States of America

Next comes “No elections needed”

[woodbutcher1963]

Trump and Biden both signed spending bills totaling 4 Trillion. They juiced the money supply and caused this inflation. They made it so every knucklehead could go out and buy a boat and a big pickup truck to pull it with.

If they didn’t buy a boat they bought a side by side, motorcycle, RV, a second home, a convertible car, Hot tub, swimming pool, family room addition, a new deck or patio etc, etc.
Now that they can travel again so the price of hotels are at record highs. Summer vacation rentals are sold out over a year in advance.

[Stingray51]

All true. But it’s fair to note that this long preceded Trump. You can start with the money-printing orgy that began with the 2008-2009 bailouts and “quantitative easing”. You should also look at the super low interest rates set by the Fed (not the President). And of course the big entitlement programs (Medicaid, Medicare and Social Security) have all been ticking time bombs since long before Trump. But yes, in a better world where it would not preclude getting elected, I would love to see a MAGA candidate get elected on an entitlement-slashing platform. But I don’t see that happening, at least prior to a total economic collapse (which is probably coming but timing is always the big question).

[woodbutcher1963]

I just turned 60. I have been told since the time I was 14 years old that SS would run out of money by the time I retired. So, I started saving for retirement when I was 18. I started some mutual funds with $25 monthly deposits.

So, IF people are my age or younger and are depending on SS they are STUPID. They deserve to be poor or work until they are 75. I want the money back that I put in and expect nothing else. They need to means test SS. Nobody in Federal government has the guts to do it.

[Stingray51]

I agree with you 100%. And I would like to see a private option for Social Security, so workers could direct their SS taxes to their own personal retirement accounts (their own property)- perhaps after irrevocably opting out of receiving benefits from the government. Just an idea, something like that.