Didn't know they offered loans, but, cool.
Posted on 05/25/2022 7:42:22 AM PDT by Browns Ultra Fan
Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 20, 2022.
The Refinance Index decreased 4 percent from the previous week and was 75 percent lower than the same week one year ago. And under Biden, the refinance index is down -83.2%.
The good news? The seasonally adjusted Purchase Index increased 0.2 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 16 percent lower than the same week one year ago. And the mortgage purchase applications index is down -12% under Biden.
While mortgage interest rates are up 71.7% than one year ago and mortgage rates are up 87% under Biden. As The Federal Reserve signals (but not yet accomplished) monetary tightening.
Once again, The Fed is dead set on cooling inflation caused by 1) Biden’s anti-drilling policies and 2) the remnants of the Federal government spending splurge to combat Covid. The Fed has been increasing their asset purchases (purple line) as inflation increase (blue line). Now they are signaling a decline in the balance sheet (green line) in the hope that it will cool inflation. Fat chance.
Let’s see how DEAD SET The Fed is about tightening monetary policy in the face of rising energy and food prices while a war rages in Ukraine and China in a Covid lockdown.
We are all goin’ down the road feelin’ bad under Biden.
(Excerpt) Read more at confoundedinterest.net ...
But they don’t have to read mean tweets anymore, so it all works out.
The economy has no place to go but down.
Every indicator points downward.
There is no hope for recovery. Not until the Biden administration has left and not until the democrats have lost control of congress.
But, fear not, it’s just 1 1/2 more years of deep misery. Meanwhile, let’s try to survive and hope for the good times to come. But,the damage may be too hard to overcome, and it could take a decade or more to recover.
> But,the damage may be too hard to overcome, and it could take a decade or more to recover. <
Republican policy mistakes are usually* easy to correct.
Democrat policy mistakes are difficult, if not impossible, to correct.
* I had to say “usually” there because George W. Bush’s Afghan and Iraq mistakes will probably haunt us forever.
Didn't know they offered loans, but, cool.
Happy to see rates go up. Need to get this bubble burst and return a little bit of sanity to prices. Houses were over bought and over paid. This on top of the administration caused insanity.
A terrible economy couldn’t happen to a better resident.
Depends on the State. Texas and Florida are both still booming seller’s markets. I bought my house less than 2 years ago, and I could possibly sell it for 15-50% more than I bought it for.
Not a big shock that re-fi apps are down. The re-fi rates were high due to crazy interest rates. We refinanced from 4% for a house built 4 years ago to 2.5% last year. Alot of people refinanced the last few years. Not going to refinance when rates are higher and they are staying put.
The FED said today they will raise interest rates again .50 in June and July. Up another 1% soon...
Better buy whatever you need now.
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