Wasting Away In Bidenville! US Mortgage Demand Rises 3.7% Since Last Week (WoW), But Mortgage Purchase Demand Remains -28% Lower Than Last Year (YoY) While Mortage Refi Demand Is -51% Lower

Confounded Interest ^ | 04/26/2023 | Anthony B. Sanders

[Kaiser8408a]

Wasting away again in Bidenville. Nibblin’ on ice cream. Watching the economy boil. Particularly mortgage demand.

Mortgage applications increased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 21, 2023.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5 percent compared with the previous week. The Refinance Index increased 2 percent from the previous week and was 51 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 28 percent lower than the same week one year ago.

[Kaiser8408a]

What a disaster and the media won't call it a disaster.

[Brian Griffin]

Certain quasi-governmental entities probably hold most of the under 3% mortgages.

[Brian Griffin]

People will line up for 2.68% mortgages, but not so much for 6.2% mortgages.

[Alberta's Child]

Confounded Interest might be the worst website that is posted regularly on FR. I can’t imagine how they stay in business with an operating model like theirs:

1. Post a bunch of financial statistics.
2. Provide no meaningful analysis of any kind.
3. Add an inflammatory, cartoonish headline that makes a political statement but has little or no connection to the content of the article.