Posted on 11/29/2023 5:01:21 AM PST by Kaiser8408a
Mortgage inferno!
Particularly for the mortgage and housing market. But if you want spin the numbers, look at the seasonally-adjusted numbers. I like the unadjusted data better, but they look horrid.
Mortgage applications increased 0.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 24, 2023. This week’s results include an adjustment for the observance of the Thanksgiving holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 0.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 33 percent compared with the previous week. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index decreased 31 percent compared with the previous week and was 19 percent lower than the same week one year ago.
The Refinance Index decreased 9 percent from the previous week and was 1 percent higher than the same week one year ago. Mortgage rates decreased for the fourth time in five weeks, with the 30-year fixed rate dipping to 7.37 percent, the lowest level in 10 weeks.
(Excerpt) Read more at confoundedinterest.net ...
This will impact durable goods numbers for Q1.
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