Not, Not, Not! Mortgage Purchase Applications Declined 9% YoY For Week Ending February 25, 2022 (Refi Applications Drop 56% YoY)

Confounded Interest ^ | 03/02/2022 | Anthony B. Sanders

[Browns Ultra Fan]

While Corelogic’s January home price index was hot, hot, hot (UP 19.1% YoY), today’s mortgage applications index for the week ending February 25, 2022 was not, not, not.

Mortgage applications decreased 0.71 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 25, 2022.

The seasonally adjusted Purchase Index decreased 1.76 percent from one week earlier. The unadjusted Purchase Index increased 1.16 percent compared with the previous week and was 9 percent lower than the same week one year ago.

The Refinance Index increased 1 percent from the previous week and was 56 percent lower than the same week one year ago.

Yes, the mortgage industry is going through some difficult times. But not as difficult as trying to understand Biden’s State of the Union address: “Putin may circle Kyiv with tanks, but he’ll never gain the hearts and souls of the Iranian people.” Huh?

And then Biden’s closing remark was “Go get ’em!” What? Go get whom? The Russians? Inflation? Trump supporters?? I feel like Biden thought the SOTU was the annual Army-Navy football game.

[Browns Ultra Fan]

Biden was so embarrassing last night.

[1Old Pro]

And then Biden’s closing remark was “Go get ’em!” What? Go get whom? The Russians? Inflation? Trump supporters?? I feel like Biden thought the SOTU was the annual Army-Navy football game.

He said "folks" more than he said "border crisis" or "domestic energy crisis".

[wiseprince]

Might as well buy a house, the dollar doesn’t seem to have a great future. Why hoard it?

[Flick Lives]

He said “folks” more than he said “border crisis” or “domestic energy crisis”.

—

I despise the term “folks” coming from the elites. It reeks of condescension.

[rb22982]

Inventory is way down

[Tell It Right]

The Fed is making the housing market come out of the Fed's hyper-inflated universe back to reality. Just like they did during the Bush years.

IMHO Bush deserves a lot of criticism. But he doesn't get enough credit for making the economy quickly bounce back from the Fed created dot-com burst (much like Trump made the economy snap back from the quick 2020 downturn).

We're in unprecedented times with the Fed causing a market crash while a Dim is president. We already know what it's like when the Fed caused a market crash right before a Dim became president -- Obama's recovery was the slowest in history. I expect the same from Brandon.

[qaz123]

Talk about ‘misinformation’ or ‘disinformation’.

One group of people that I’ll put up, or down I should say, there with used car salesman and lawyers is real estate agents.

How can you have one article:

Feeling Hot, Hot, Hot! US Home Prices Grew At 19.1% YoY In January (Is US Housing Market Addicted To Gov?) .... https://confoundedinterest.net/2022/03/01/feeling-hot-hot-hot-us-home-prices-grew-at-19-1-yoy-in-january-is-us-housing-market-addicted-to-gov/

And now this one.

I called to talk about a refi, thinking that the Fed was still holding down rates to protect CornPop like they did Soetero. No such luck. Rates already quite higher than what I’m paying.

Lets see: They don’t want private home ownership ....They don’t seem to care about Blackrock, other Hedge Funds, equity firms, foreign investment groups and developers building subdivisions of rental homes ..... Interest rates going up .... home values being artificially inflated so the municipalities can get more property tax money out of everyone to pay for all the nonsense, illegal alien kids and refugees .... and, our elected officials do NOTHING.

Almost as if it’s some sort of plan.

[JimRed]

When rates go up, re-fis go down. Not surprising.