That’s Bidenomics! US Mortgage Purchase Demand (Applications) Rise 2% Over Past Week, But Remain DOWN -17% Since Last Year And DOWN -57% Under Biden

Confounded Interest ^ | 05/08/2024 | Anthony B. Sanders

[Kaiser8408a]

Biden and Bidenomics is disastrous for the middle class and low wage workers. Food and housing prices through the roof, and now we have mortgage purchase demand declining -57% under Biden.

Mortgage applications increased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2024.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 17 percent lower than the same week one year ago.

In fact, Mortgage Purchase demand (applications) are down -57% under Biden and Bidenomics.

The Refinance Index increased 5 percent from the previous week and was 6 percent lower than the same week one year ago.

[babble-on]

Interest rates were hiked by the Fed in order to tackle global inflation by reducing excess demand in the economy. The housing market is one of the key channels through which interest rates impact the economy. The reduction in the conditions that were leading to another housing bubble are a good thing.

[Texas resident]

I know a couple of mortgage brokers who have had to take on second jobs. Prior to Biden and Co. they were doing very well.

[babble-on]

Interest rate sensitive sectors are interest rate sensitive. The world’s easiest job does sometimes have downturns.

[Organic Panic]

And the prices still go up. It will be NGOs and we taxpayers buying houses for illegal invaders.