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

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.

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.

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!

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