Posted on 10/04/2023 6:28:29 AM PDT by Kaiser8408a
Another week under Biden, another economic disaster. This time, its the mortgage market with mortgage demand (applications) down 6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 29, 2023.
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week. The Refinance Index decreased 7 percent from the previous week and was 11 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 22 percent lower than the same week one year ago.
The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market. ARM loan applications picked up over the week and the ARM share increased to 8 percent, as some borrowers searched for ways to lower their payments.
On the energy front, where we are represented by former Michigan governnor Jennifer Granholm and former South Bend Indiana mayor Pete Buttigieg, we see that the Strategic Petroleum Reserve is down to only 17 days left.
(Excerpt) Read more at confoundedinterest.net ...
“we see that the Strategic Petroleum Reserve is down to only 17 days left.”
Elections matter. But in this case, if we do make it another year without the Neocons starting World War 3, the 17 days remaining will end any hopes of the regime to ‘mitigate’ gasoline prices before the election.
Mortgage Demand Decreased -6%
Isn’t a double negative a positive? Did it increase or decrease? Stupid blogger.
Less mortgages were originated and sales went down. That’s the idea, slow the overheated economy/housing market to slow inflation. This writer screamed for two years that zero rates were a problem, and now that they aren’t zero he’s screaming about that. A 7% mortgage rate is historically normal. My first sale in real estate sale in 1984 had a mortgage of 12.25% and no one was having a fit over it. It was down from its peak and heading down. When it eventually got to 7% everyone was buying like crazy.
Wasn’t there a zombie movie under this same title?
That particular idea is a deception used to protect the bankers and other privileged groups who can protect themselves from inflation by raising interest rates or prices.
The "overheated economy" is bleeding out from inflation caused by government borrowing and spending. In effect, the government is printing money and passing it out to their cronies and supporters. It is a very sophisticated form of theft.
Systems of theft do not tend to use the proceeds very well. Actual investment in productive facilities and services has been too low. A declining standard of living is the result.
That’s the nature of the landscape and it’s not changing so it’s just been another workaround all the way. Giving it power by griping about it doesn’t help me.
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