Sundown For Mortgages? Mortgage Purchase Demand (Applications) Down 6% From Previous Week, Down 13% From Same Week Last Year (Mortgage Rates UP 155% Under Biden)

Confounded Interest ^ | 02/21/2024 | Anthony B. Sanders

[Kaiser8408a]

Is it sundown for the US mortgage market?

Mortgage applications decreased 10.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 16, 2024.

The Market Composite Index, a measure of mortgage loan application volume, decreased 10.6 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 seasonally adjusted Purchase Index decreased 10 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 13 percent lower than the same week one year ago.

The Refinance Index decreased 11 percent from the previous week and was 0.1 percent higher than the same week one year ago.

One reason why mortgage demand is so low is that mortgage rates are up 155% under Biden.

Is it sundown for the US mortgage market? And when will it improve?? Probably won’t improve in New York City after Judge Engmoron’s idiotic fine of Donald Trump and family for non-crimes.

[17th Miss Regt]

Engoron’s judgement against Trump will have huge implications for anyone seeking financing for projects. That idiot judge has such a severe case of TDS that he simply does not comprehend the implications.

[JayGalt]

My daughter moved out in 2021. I felt a little guilty like the buyers were heading towards a bad situation and were blind to the dangers.
The condo has dropped in value by a few percentage points over the ~3 years while housing in NJ is on a tear.
Widespread crime & dysfunction in NY makes me very glad that she got out when she did! NY is spiraling down the tubes; businesses are fleeing. The results of leftist rule are devastating.

[Georgia Girl 2]

March to October is the selling season in the real estate market. The Fed has already signalled two interest rate cuts coming this year. The market will anticipate by lowering rates ahead of these cuts. Look for buying to pick up next month.