Crazy Train! Mortgage Applications Decreased 2.6 Percent From One Week Earlier (Home Prices Rose 39% Under Biden While Mortgage Originations At Large Banks Fell -61%)

All aboard! The crazy mortgage train! Home prices rose 39% under Biden while mortgage originations at large banks fell -61%. The mortgage market is still recovering from Bidenomics!

Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 13, 2025.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 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 seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 14 percent higher than the same week one year ago.

The Refinance Index decreased 2 percent from the previous week and was 25 percent higher than the same week one year ago.

Home prices rose 39% under Biden while mortgage originations at large banks fell -61%.

Simply Unaffordable? US Homebuilder Confidence Tumbles Near 13-Year-Lows Due To Post-Covid Home Price Gains (And Higher Mortgage Rates)

Thanks a lot Fed! Home prices rose dramatically after Covid as The Fed printed billions of dollar of currency (M2). Making housing unaffordable for much of America.

As a result of higher mortgage rates and higher home prices, homebuilder confidence is at a 13 year low (back to 2012).

Housing is simply unaffordable thanks to bad housing policies and The Fed.

Into The Mystic? Mortgage Applications Decrease 3.9% In Latest MBA Weekly Survey (Purchase Apps Drop 15%)

Mortgage applications decreased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 30, 2025. This week’s results included an adjustment for the Memorial Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 15 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 15 percent compared with the previous week and was 18 percent higher than the same week one year ago.

The Refinance Index decreased 4 percent from the previous week and was 42 percent higher than the same week one year ago.

Most mortgage rates moved lower last week, with the 30-year fixed rate declining to 6.92 percent and staying in the 6.8 to 7 percent range since April.

Biden/Harris/Yellen’s gross economic mismanagement reminds me of the song “Into The Mystic.” Because it requires a mystic to determine WHO was running the Biden/Harris adminstration and using the autopen.

CC Rider? MBS Current Coupon (CC) Spreads Widen From Treasuries, Gold, Silver And Copper UP

CC Rider! 30Y MBC Current Coupon (CC) spreads is widening.

And metals are along for the ride! Gold and silver are soaring!

What about Copper?

Glad All Over! AI Contributes Massive Amount To GDP Growth As Median Home Price Growth Contracts

I am glad all over … because the AI boom is delivering a record contribtion to US GDP.

And US home prices are contracting making housing more affordable.

I don’t care what you did when you lived in Fort Worth, but at least home prices are contracting.

Core PCE Fell In April To Lowest Since April 2021, +2.5% YoY (Fed M2 Money Printing UP 4.3% YoY)

The Fed’s favorite inflation indicator – Core PCE – fell once again in April to its lowest since April 2021 at +2.5% YoY.

And The Fed keeps on printing money!

Supercore inflation is down to -0.023 MoM.

The Fed is thinking that they can help.

Pending Home Sales Remain In The House Latitudes (Homebuilder Confidence At 34)

Its like Joe Biden and his bonehead advisors are still gumming up the housing market. Pending home sales in April remains in the house latitudes.

NAHB home builder confidence remains below 50 at 34.

Is the music over for the housing market? High housing prices, high mortgage rates, restrictive zoning all hinder markets.

US Existing Home Sales Weakest April Since Great Financial Crisis (Weakest April Sales Pace Since April 2009)

US existing home sales dropped 0.5% MoM in April (considerably worse than the +2.0% MoM rise expected), dropping to just 4.00MM sales SAAR, with sales down 3.1% from a year earlier on an unadjusted basis.

This is the weakest April sales pace since April 2009.

And median price of EHS is rising and is on pace to top 2024’s high.

And with M2 Money printing like a bat out of hell.

New Home FHA Mortgage Share Surges As Debt-To-Income Ratios Surge (New-home Loan Sizes Fell To 2021 Levels)

The not shocking news out of DC: The ‘Big, Beautiful Bill’ Will “Massively” Increase Near-Term Deficits, Add $5 Trillion In Debt. The surprising news? New home FHA Mortgage Share has surged!

On the not surprising news front: FHA debt-to-income ratios have surged (the surge started under Biden).

New-home loan sizes have fallen to 2021 levels.

Stock Market Soars As China Flinches! (NASDAQ 100 Highest Since Mid February)

Well, U.S. and China reached an agreement to lower tariffs in a 90-day cool-off period. Despite China claiming they would NEVER agree to tariffs! The result? The NASDAQ 100 rose to its highest level since mid-February.

So much for the MSNBC/CNN doomsayers.