Mortgage Woes Continue! Purchase Applications (Demand) Now Down 14% From Last Year

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The woes for the mortgage market continue under President Magoo.

Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2024.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 14 percent lower than the same week one year ago.

The Refinance Index decreased 3 percent from the previous week and was 3 percent lower than the same week one year ago.

Between The Fed’s announcement of rate changes and The Biden Crime hearings in DC (where Hunter of course failed to appear), there is plenty to keep us occupied.

Published by confoundedinterest17

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