Bidenomics Strikes Again! US Mortgage Purchase Mortgage Demand Lowest in 28 Years As Bank Deposits Down -4% YoY (Purchase Demand Down -28% YoY)

Confounded Interest ^ | 09/07/2023 | Anthony B. Sanders

[Kaiser8408a]

Bidenomics’ new themesong, “I’ve youv’e got the money, honey, I’ve got the time.” Otherwise, sod off.

Speaking of Bidenomics, US mortgage purchase demand just declined to the lowest level in 28 years.

Mortgage applications decreased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 1, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week. The Refinance Index decreased 5 percent from the previous week and was 30 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 5 percent compared with the previous week and was 28 percent lower than the same week one year ago.

Bank deposits, a source of bank lending, are down -4% YoY as The Fed tightens rates.

Here is Lefty Frizzell’s original version of the Bidenomic’s themesong “If you’ve got the money, honey,I’ve got the time.” Like big donors receiving green energy subsidies. But not middle class mortgage borrowers.

[Kaiser8408a]

If you'v got the money, honey, Joe's got the time. Never were truer words spoken.