The monetary noose tightens on the housing and mortgage markets.
Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 2, 2022. They are now the lowest since 1999.
The Refinance Index decreased 1 percent from the previous week and was 83 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 23 percent lower than the same week one year ago.
At least the percentage of adjustable rate mortgages (ARMs) remained the same at 8.5%.
For the sake of the housing and mortgage market, somebody stop Powell and The Gang from tightening!