Fed Inferno? Mortgage Purchase Applications Rise 1.87% From Previous Week, But Down 10% From Same Week Last Year

Sharing is Caring!

by confoundedinterest17

Yes, the super-heated housing market is showing signs of slowing down.

According to the Mortgage Bankers Association (MBA), mortgage purchase applications rose 1.87% from the previous week. However, purchase applications are down 10% from the same week last year.

See also  Real estate market is 'in for a slowdown' when mortgage rates start to rise, Redfin chief economist

Refinancing applications dropped -.48% from the previous week as the 30-year mortgage contract rate rose from 3.14% to 3.18%. Refi apps are up 6% from the same week last year.

As rates begin to rise, mortgage refi applications will decline.

See also  Dutch Deaths 20 Percent Higher Than Previous Year Average

With the Atlanta Fed GDP tracker showing GDP growth slowing to 0.5%, we are starting to see the beginning of a Fed inferno.

Here is Biden’s Press Secretary Jen Psaki!

 

 

376 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.