Posted on 10/18/2023 7:57:59 AM PDT by Kaiser8408a
To paraphrase Paul Revere And The Raiders, “Mortgages keep getting harder to find.”
Mortgage applications decreased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 13, 2023. Applications decreased to their lowest level since 1995, as the 30-year fixed mortgage rate increased for the sixth consecutive week to 7.70 percent – the highest level since November 2000.
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7 percent compared with the previous week. The Refinance Index decreased 10 percent from the previous week and was 12 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 5 percent compared with the previous week and was 21 percent lower than the same week one year ago.
And the 10-year Treasury yield keeps rising.
Inflation or cheap mortgages? What’s it going to be??
(Excerpt) Read more at confoundedinterest.net ...
Now that Bidenskyyyyy has threatened the banks with what will happen if they don’t give the illegal aliens money, credit cards and car loans, I guess mortgages will be next.
That 10-year Treasury is the real issue. It is absolutely killing commercial real estate because that is what commercial loans are based off of. The housing crisis is about to get extremely real, because apartment complexes are going bankrupt. That in turn is killing the lower end of the investor class, because they end up losing their investments, and once that happens, they are no longer investors. I am not talking about REITs, they will still have reserves, I am talking about real people that saved up to buy what they thought was a cash flowing business, which no longer cash flows. They end up going bankrupt along with their apartment building. This will widen the gap between the haves and the have nots.
Residential mortgages are also set off a spread above the 10yr Bond. What’s weird is, the spread used to be about 1.5%, and it’s now much higher. Maybe banks are trying to take less risk.
Overpaid crooks and thugs in DC - busy selling out their country - love Bidennomics....They live in mansions on ‘public servant’s pay’. And the IRS and FBI look away until gold bars and cash are falling out of their closets.
John Kennedy (R-LA): CFPB rule is privacy threat to small businesses
LBGT
https://www.youtube.com/watch?v=m_zi-2G2rg4
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