US Mortgage Demand Declines 1.2% From Last Week, Purchase Demand Still Down -32% From Same Week Last Year While Refi Demand Down -51% YoY

Confounded Interest ^ | 05/03/2023 | Anthony B. Sanders

[Kaiser8408a]

This is last data dump for mortgage demand (applications) before Biden’s idiotic woke mortgage policies go into effect (taxing those with good credit to subsidize those with lousy credit) take effect. I call this Bolshevik Biden’s Mortgage Market.

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 April 28, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week. The Refinance Index increased 1 percent from the previous week and was 51 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 32 percent lower than the same week one year ago.

Bolshevik Biden.

[Kaiser8408a]

The LOUSY Bolshevik Biden mortgage market.

[V_TWIN]

All part of a larger plan.

[Brian Griffin]

I was looking at Richmond, Virginia houses on realtor.com. Almost all listings were pending.

Upscale Savannah, Georgia houses are selling fast.

[Brian Griffin]

Congress voted to spend the big bucks. Both Trump and Biden went along.

If Mrs. Nurse fights for and gets an 8% raise, she should expect to pay around 8% on a mortgage.

[Redleg Duke]

I am sick and tired of being penalized for using good judgement and planning ahead for my retirement. I lived paycheck-to-paycheck, but saving into my IRA, 401K and stayed in the Army National Guard/Army Reserve for 32+ years. I stayed with the same company for nearly 30-years.

So, my pensions and savings are being eaten away by the “Biden Economic Miracle”, and now this drooling bastard wants us to refi and pay a penalty for a great credit rating.

Socialism is here, and if they take away our guns, it will be Communism.

[Brian Griffin]

In the 1980s, it was common to allow a mortgage to be assumed at a somewhat higher interest rate.

Dealmaking normally takes work.

[Brian Griffin]

What entity do you think was giving out mortgage money at less than 3%?

[Organic Panic]

Houses in Oregon are selling far above asking within hours. Idaho the same thing. All bought site unseen by Californicators. The natives can’t afford to live anywhere. I am not a fan of the new offsite jobs that pay silicon valley wages in a lumber town.