Posted on 07/31/2013 6:25:16 AM PDT by whitedog57
According to the weekly Mortgage Bankers Association (MBA) mortgage application survey released this morning, mortgage applications drop 3.7% from the previous week.
mbastats073113
Mortgage purchase applications fell 3.43% from the previous week. And since May 1st, purchase applications have fallen with rising mortgage rates (the Mortgage Bankers 30 year effective rate).
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The longer term view of purchase applications (and the MBA mortgage rate index) reveals the zone of slow/no growth in purchase applications since June 2010.
mbapltrtes
And if I overlay the national homeownership rate on the MBA mortgage purchase application index, we can the relationship, until 2010. Since then, mortgage purchase applications have been stuck in a rut while the homeownership rate continues to tank. According to the US Census Bureau, the homeownership rate fell to an 18 year low.
mbapurchhomeown
The average mortgage application size has also fallen since May 1st with mortgage rate increases.
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Mortgage refinancing applications fell 3.79% from the previous week. Refi applications continue to fall since May 1st.
mbarefimb30e
The HARP share of refinance applications increased to 37 percent from 34 percent the week prior.
Got rent?
Obama: Everyone must live in a centrally planned urban jungle soviet.
Renters are much easier to move around for social justice purposes.
All according to plan.
I don’t really mind homeownership rates declining. It was clear that a big part of the financial crisis was that a lot of very weak household balance sheets and incomes were trying to service mortgages they were in no position to pay.
I don’t really mind homeownership rates declining. It was clear that a big part of the financial crisis was that a lot of very weak household balance sheets and incomes were trying to service mortgages they were in no position to pay.
Impeachment File on Benghazi Coward “B. Hussein Obama,” formerly known as Barry Soetoro, currently a Legal Citizen of the Sovereign Nation of Indonesia.
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