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Biden’s Mortgage Market! Mortgage Demand Down -35% Under Biden, Refi Demand Down -90%, Mortgage Rates Up 128% (Renter’s Misery Index Now 11.75% Versus 6.78 Pre-Covid Under Trump)
Confounded Interest ^ | 06/21/2023 | Anthony B. Sanders

Posted on 06/21/2023 6:02:43 AM PDT by Kaiser8408a

The good news? Mortgage purchase demand fell only -0.05% from last week. The bad news? Mortgage purchase demand is down -35% since Resident Biden was sworn in. And mortgage refinancing demand is down a whopping -90%. Reason? Mortgage rates are up 128% under Clueless Joe.

Mortgage applications increased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 16, 2023.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index decreased 2 percent from the previous week and was 40 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index decreased 0.1 percent compared with the previous week and was 32 percent lower than the same week one year ago.

And as Paul Harvey used to say, here is the rest of the story.

And the renter’s misery index, CPI for owner’s equivalent rent YoY + U-3 unemployment rate, is now a staggering 11.75% verus 6.78% in February 2020, the last month before the Chinese Wuhan virus led to economic and school shutdowns. And we have Donald Trump as President instead of this corrupt clown.

What is the difference between baseball legend Shoeless Joe Jackson and Clueless Joe Biden? While both sold out their teams for personal wealth, at least Shoeless Joe was good at baseball. Clueless Joe is a corrupt bully. Shoeless Joe was allegedly stupid, but so is Clueless Joe.

(Excerpt) Read more at confoundedinterest.net ...


TOPICS: Business/Economy; Food; Government; Politics
KEYWORDS: biden; fed; housing; mortgage
Shoeless Joe was talented, Clueless Joe is just a corrupt clown.
1 posted on 06/21/2023 6:02:43 AM PDT by Kaiser8408a
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To: Kaiser8408a

Under Trump, only the leftist and Trump haters were miserable. Under Biden everyone is miserable.

Capitalism is the unequal distribution of wealth. Bidenism is the equal distribution of misery.


2 posted on 06/21/2023 6:17:53 AM PDT by Blood of Tyrants (It's science and therefore cannot be questioned!)
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To: Kaiser8408a

Landlords have had to raise rents to get the money renters refused to pay during the COVID non-eviction era.

The Trump administration as well as many state and local governments blocked evictions.

As those of you that have refused COVID vaccination know, most such evictions blocks were unnecessary.


3 posted on 06/21/2023 6:22:06 AM PDT by Brian Griffin (Sandy Berger - $50,000 fine + 2 years probation + 100 hours community service + clearance suspended)
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To: Kaiser8408a
40 years in the mortgage business...My daughter, age 60, Senior VP of a Mortgage Company had her job abolished.

Thank you Brandon.

4 posted on 06/21/2023 6:26:20 AM PDT by Sacajaweau ( )
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To: Kaiser8408a

Disaster Joe Biden is the gift that keeps on giving


5 posted on 06/21/2023 6:33:53 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: Kaiser8408a

Mortgages rates shot up because prices shot up.

Prices shot up because the government overdid COVID handouts ($600/week for couch sitting, $2000[$600+$1400] for nothing).

Because of the $2000 handouts, people might be paying $1800/month rent for an extra three years [$64,800 more rent in total] before getting on the mortgage housing ladder (for a house that has become far more [often $100,000+] expensive).

Trump signed COVID handout laws. Biden signed the final COVID handout law plus the IRA law.


6 posted on 06/21/2023 6:34:25 AM PDT by Brian Griffin (Sandy Berger - $50,000 fine + 2 years probation + 100 hours community service + clearance suspended)
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To: Kaiser8408a

Biden and his stooge crew are like having drunk teenagers in the operating room.

Everyone was warned enjoy the suck and you stupidity.


7 posted on 06/21/2023 7:21:36 AM PDT by Vaduz (....)
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