Thanks to The Federal Reserve helping to raise mortgage rates through the roof, mortgage applications are going down.
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey. Mortgage applications decreased 8.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 22, 2022.
The Refinance Index decreased 9 percent from the previous week and was 71 percent lower than the same week one year ago.
The seasonally adjusted Purchase Index decreased 8 percent from one week earlier. The unadjusted Purchase Index decreased 7 percent compared with the previous week and was 17 percent lower than the same week one year ago.
The percentage of adjustable-rate mortgages (ARMs) increase 9.4% from previous week.
Yes, the 30-year mortgage rate is rising extremely fast.
“You’re Going Down” by Jerome Powell and The Constitution Avenue band. President Joe Biden conducting.