Alarm! US Mortgage Purchase Applications Tank 14% From Previous Week As Fed Turns Up Rate Heat (Refi Applications Index Down 80% YoY)

Confounded Interest ^ | 07/13/2022 | Anthony B. Sanders

[Browns Ultra Fan]

Alarm!

The Federal Reserve is reversing its excessive monetary stimulus policies left over from the financial crisis of 2008 (and Covid) and the mortgage industry and potential home buyers are paying the price.

Mortgage applications decreased 1.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2022. This week’s results include an adjustment for the observance of Independence Day.

The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 14 percent compared with the previous week and was 18 percent lower than the same week one year ago.

The Refinance Index increased 2 percent from the previous week and was 80 percent lower than the same week one year ago.

[Browns Ultra Fan]

Thanks Biden and Fed for killing off the mortgage market. I wonder if Cornpop has a mortgage?