Biden’s Green Boondoggle! Mortgage Purchase Demand 18% Lower Than Last Year, Refi Demand Down 8% From Last Year

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Biden’s green energy mandates, a boondoggle for China and lodestone for Americans, is leaking over to the mortgage market. That’s Bidenomics!

Mortgage applications increased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 19, 2024. The results include an adjustment to account for the MLK holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week. The holiday adjusted Refinance Index decreased 7 percent from the previous week and was 8 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 8 percent from one week earlier. The unadjusted Purchase Index increased 3 percent compared with the previous week and was 18 percent lower than the same week one year ago.

The unadjusted Refinance Index decreased 16 percent from the previous week and was 8 percent lower than the same week one year ago. 

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