It’s only mid April and mortgage demand should be approaching it’s yearly high. But under Biden and The Fed, mortgage demand seems to have peaked earlier than normal. It’s already late in mortgage cycle.
Mortgage applications decreased 8.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 14, 2023.
The Market Composite Index, a measure of mortgage loan application volume, decreased 8.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The Refinance Index decreased 6 percent from the previous week and was 56 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 10 percent from one week earlier. The unadjusted Purchase Index decreased 9 percent compared with the previous week and was 36 percent lower than the same week one year ago.
Here are the numbers. And lousy they are.
Give me an F. Give me an E. Give me a D. What’s that spell? FED!
