Posted on 05/04/2022 5:46:06 AM PDT by Browns Ultra Fan
Simply unaffordable! US housing, that is. As The Federal Reserve tries to fight inflation, mortgage rates are soaring and we are seeing an INCREASE in mortgage purchase applications ahead of Fed tightening. Panic in (Fed) Needle Park!
Mortgage applications increased 2.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 29, 2022.
The Refinance Index increased 0.2 percent from the previous week and was 71 percent lower than the same week one year ago.
The seasonally adjusted Purchase Index increased 4 percent from one week earlier. The unadjusted Purchase Index increased 5 percent compared with the previous week and was 11 percent lower than the same week one year ago.
Adjustable rate mortgage (ARM) share has risen to 9.3% along with mortgage rates.
Is the US housing market addicted to gov? We will find out if and when The Federal Reserve actually tightens monetary policy.
(Excerpt) Read more at confoundedinterest.net ...
I’m feeling it. Appraisal orders have been reduced to a trickle.
‘stone’ ??
When a family needs to sell and/or buy a house - for many reasons - they don’t make decisions based on ‘news’.
A single woman I know has bought several houses. She fixes them up, lives in them for a couple of years and then sells them for a HUGE profit.
Kinda like ‘Fixer uppers’.
When was the last time she did it?
I did that for years. I accumulated quite a savings. I bought a fixer upper, moved in and stayed for 24 months then bought another. No income tax. I was a mortgage broker so I financed at 95%-100% loan.
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