Posted on 11/16/2022 8:22:35 AM PST by Kaiser8408a
US mortgage rates fell last week by the most since the end of July, slipping below 7% and helping generate a bounce in purchase applications that otherwise remain depressed, but only in the Seasonally Adjusted data. The NON-Seasonally Adjusted data show a hefty decline.
The contract rate on a 30-year fixed mortgage decreased 24 basis points to 6.9% in the week ended Nov. 11, according to Mortgage Bankers Association data released Wednesday. The group’s index of applications to buy a home rose 4.4% — the most since June — but is still near the weakest level since 2015.
But the bounce was in Seasonally Adjusted data only. The NON-seasonally adjusted data remained depressed.
Mortgage applications decreased -10.0 percent SA from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 11, 2022. This week’s results include an adjustment for the observance of Veterans Day.
The Refinance Index decreased -11.44% percent from the previous week and was 88 percent lower than the same week one year ago. The unadjusted Purchase Index decreased -10 percent compared with the previous week and was 46 percent lower than the same week one year ago.
Mortgage purchase applications will continue to fall in NSA terms since it is the Winter and home buying season won’t really start until January. Refinancing applications actually dropped -11.44% even with the drop in mortgage rates.
The data. As my former students know, I like the “raw” data, better known as NON-seasonally adjusted (NSA) data and avoid seasonally-adjusted data (SA) since it hides what is going on.
And on The Fed Futures Front, The Federal Reserve is still looking a hiking their target rate from 4% to just under 5%.
(Excerpt) Read more at confoundedinterest.net ...
See!
It is getting better under the BidenIdiot Regime.
Celebrate!
I was going to sell my house here in California and move to England but the market has gone soft. Now I plan to wait for a rebound... if I live that long...
now is not the time to saddle up a house.
I personally would love CD rates to shoot up to near 20% like they did after Carter blew up the economy like Biden is doing.
Then I could live like a king off the interest alone for the rest of my life :)
effects...appliance market...wood...window....furniture ...roofing...masons...carpenters...electricians...mortgage companies....banks...and on and on...
Yay!
We’re saved!
🌝
What, no exclamation points and Screams today? Low energy...
I would think this would be a good time to buy. The interest would be high but the up front cheaper. Can refinance when Trump gets back in office. But...what do I know about finances?
It is still well above DOUBLE the average on the day Trump left office.
I get at least one call a week asking me if I want to refi. I tell them no thanks. I like my 2.25% fixed rate. Then they ask “but wouldn’t you like to take out some equity?” Umm, at 7%, I don’t think so.
Rates were between 2 - 3% If my memory and mortgage statements are right.
Then again, there is a huge number of residential, commercial and industrial properties that were constructed at exorbitley inflated costs and are just now getting C of O and hitting the market at a time when the market values are declining and fiance costs are skyrocketing
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