Mortgage Purchase Applications SOAR 18% WoW As Homebuyers Rush To Lock In Mortgage Rate Before The Fed Goes Crazy (Mortgage Rates Rise Above 6%)

The Federal Reserve is driving me crazy! US 30-year mortgage rates have hit the 6% level (and is higher with some major lenders).

But the fear of The Fed raising rates even more is causing a rush to lock-in rates.

Mortgage applications increased 6.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 10, 2022. Last week’s results are compared to the prior week, which included an adjustment for the Memorial Day holiday.

The seasonally adjusted Purchase Index increased 8 percent from one week earlier. The unadjusted Purchase Index increased 18 percent compared with the previous week and was 16 percent lower than the same week one year ago.

The Refinance Index increased 4 percent from the previous week and was 76 percent lower than the same week one year ago.

Is The Fed raising rates so fast a Good Thing? Not for mortgage lenders!

Let’s see what happens today with The Fed. But for right now, we have PANIC IN (FED) NEEDLE PARK!!