Is The Thrill Gone From Mortgages? US Mortgage Puchase Demand Falls 3% From Previous Week, Down 10% From Last Year, Down 40% Under Biden (Refi Demand Down -15% Since Last Week)

The thrill is gone …from the US mortgage market.

Mortgage applications decreased 5.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 24, 2024.

The Market Composite Index, a measure of mortgage loan application volume, decreased 5.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.3 percent compared with the previous week.  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 10 percent lower than the same week one year ago. And -40% under Biden.

The Refinance Index decreased 14 percent from the previous week and was 12 percent higher than the same week one year ago.

It is still an unfavorable time to buy a home!

From the film “Ronin” that sums up actor Robert DeNiro in one sentence.

Spence (Sean Bean): “You know, you think too hard.”
Sam (Robert DeNiro): “Nobody ever told me that before.”

How would DeNiro consider the 40% drop in mortgage purchase demand under Biden?