Posted on 06/01/2022 4:55:29 AM PDT by Browns Ultra Fan
Heartaches By The Number … for American households and mortgage lenders as The Federal Reserve begins FINALLY removing monetary stimulus.
Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 27, 2022.
The Refinance Index decreased 5 percent from the previous week and was 75 percent lower than the same week one year ago.
The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 14 percent lower than the same week one year ago.
Under Biden, mortgage refi applications are down -82.4%, purchase applications are down -7.5% and mortgage rates are up +80.7%.
Then we have this headline: “Fed Starts Experiment of Letting $8.9 Trillion Portfolio Shrink”
The Fed is capping monthly runoff at $47.5 billion — $30 billion for Treasuries and $17.5 billion for mortgage-backed securities — until September. Those thresholds will then double to a combined $95 billion. That compares to a peak of $50 billion a month when the Fed performed the exercise starting in 2017.
As expectation of Fed rate hikes increase, mortgage rates have soared like Tom Cruise’s Super Hornet aircraft from Top Gun: Maverick climbing over the steep mountain.
And mortgage rates are up a bit today.
(Excerpt) Read more at confoundedinterest.net ...
Biden has ruined a soaring economy.
It looks to me like the centennial of October29, 1929 just may arrive a little early.
A Redux, if you will
Permitting millions of people to get paychecks for no work, pinching energy supplies and flooding the economy with trillions in paper dollars.
They dumb, evil or both.
At least they vanquished the orange man, because everybody knows that orange men are bad
no question at all, inflation is far worse, and even Biden knows it.
Let the Pre-Criminations Begin: NBC “News” Interviews White House Staffers and Discovers That Joe Biden Is a Very Cranky Old Man Who’s Blaming His Staff For His Disastrous First (and Only) Term
Posted by Curt on 31 May, 2022 at 4:14 pm.
Before getting to that — and it’s worth getting to — I’ll note that Biden’s approval rating has fallen to 34% in the latest Civiqs poll, and, interestingly, he’s underwater in 47 of the 50 states (57 according to the Greatest Intellect On Earth).
He’s actually underwater in California. And his home state of Delaware, which is one of the most Democrat states in the world. Two cobalt blue states where a Democrat would have to murder a child (outside of her womb) to get a negative approval rating.
California To Unveil Groundbreaking Black Reparations Report
House prices need to come down a lot from the 50% increase they’ve seen here in the last 2 years before I will even consider buying.
How long did the depression last...a decade?
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