Biden’s Mortgage Market Getting Hammered! Unadjusted Mortgage Purchase Demand (Applications) Fall 4% Since Last Week, Fall 23% Since Last Year

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Well, the US mortgage market is getting hammered by inflation and The Federal Reserve.

Mortgage applications increased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 5, 2024.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 0.2 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 23 percent lower than the same week one year ago.

The Refinance Index increased 10 percent from the previous week and was 4 percent higher than the same week one year ago.

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