Simply Unaffordable! Mortgage Demand Increased 13% From Last Week, But Still Down 8% From Last Year (Home Prices UP 33% Under Biden, Mortgage Rates UP 146%!)

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Housing is simply unaffordable for millions of Americans. Home prices are up 33% under Biden’s Reign of Error, while mortgage rates are up 146% under Vacation Joe. Somehow I doubt if Biden will brag about home prices and mortgage rate in his State of the Union address.

On the mortgage side, the Market Composite Index, a measure of mortgage loan application volume, increased 9.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12 percent compared with the previous week. The seasonally adjusted Purchase Index increased 11 percent from one week earlier. The unadjusted Purchase Index increased 13 percent compared with the previous week and was 8 percent lower than the same week one year ago.

The Refinance Index increased 8 percent from the previous week and was 2 percent lower than the same week one year ago. 

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