Mortgage Applications Decline -1.6% From Previous Week (30Y Mortgage Rates UP 137% Since Biden Was Elected President)

The mortgage market got its mind set on a recovery, but Biden’s mindless economic policies have jammed up the mortgage market. Example? Mortgage applications are down in a season where they typically increase.

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 28, 2025.

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 increased 2 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 9 percent higher than the same week one year ago.

The Refinance Index decreased 6 percent from the previous week and was 57 percent higher than the same week one year ago.

Treasury yields continue to be volatile as economic uncertainty dominates markets. Most mortgage rates finished last week lower, with the 30-year fixed essentially unchanged at 6.70 percent. Last week’s level of purchase applications was its highest since the end of January, driven by a 3 percent increase in conventional purchases, while government purchase applications were down 2 percent.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.70 percent from 6.71 percent, with points increasing to 0.62 from 0.60 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

Conforming 30Y mortgage rates are up 137% since Biden was elected President.

Biden was the destroyer!

Keep On Printing? Case-Shiller National Home Price Index Up 4.1% YoY As Mortgage Applications Decline 2% Since Last Week

The Fed keeps on printing money M2! The Case-Shiller National home price index is up 4.1% since last year YoY as The Fed continues to print money.

Mortgage applications decreased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 21, 2025.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2 percent compared with the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 7 percent higher than the same week one year ago.

The Refinance Index decreased 5 percent from the previous week and was 63 percent higher than the same week one year ago.

Cabbage Rolls And Coffee! Mortgage Applications Increased 20.4 Percent From One Week Earlier

The mortgage market is back! Time to polka!!

Mortgage applications increased 20.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 28, 2025.

The Market Composite Index, a measure of mortgage loan application volume, increased 20.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22 percent compared with the previous week. The seasonally adjusted Purchase Index increased 9 percent from one week earlier. The unadjusted Purchase Index increased 12 percent compared with the previous week and was 2 percent higher than the same week one year ago.

The Refinance Index increased 37 percent from the previous week and was 83 percent higher than the same week one year ago.

Thank God the adults are in charge in DC instead of the children we saw at Trump’s speech last night.

House Latitudes? Mortgage Applications Down -6.6% Since Last Week, Housing Starts Down -9.8% Since December (Riders On The Storm)

I call this the house latitudes. Horse latitudes is a belt of calm air and sea occurring in both the northern and southern hemispheres between the trade winds and the westerlies. And when the ships motion stalled, the crews would jetison their cargo of horses to the delight of sharks! So, we are in state of HOUSE latitudes where the wind pushing mortgage refis and purchase apps. So we are all riders on the storm.

Mortgage applications decreased 6.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 14, 2025.

The Market Composite Index, a measure of mortgage loan application volume, decreased 6.6 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 6 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 7 percent higher than the same week one year ago.

The Refinance Index decreased 7 percent from the previous week and was 39 percent higher than the same week one year ago.

Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,366,000. This is 9.8 percent below the revised December estimate of 1,515,000 and is 0.7 percent below the January 2024 rate of 1,376,000. Single-family housing starts in January were at a rate of 993,000; this is 8.4 percent below the revised December figure of 1,084,000. The January rate for units in buildings with five units or more was 355,000.

Economists are strange.

Bummer! January Jobs Growth Below Estimates Amid Massive Revisions, Job Gains At +143k (New Sheriff In Town!)

Biden is out and so are the crazy job preferences of his administration (e.g., green energy). There is a new sheriff in town (Donald Trump).

Here’s what the BLS reported in Trump’s first official jobs report since he returned to the White House: total payrolls printed at 143K.

down sharply from an upward revised 307K (256K originally) and missing estimates of 175K.

Looking further back, the change in total nonfarm payroll employment for November was revised up by 49,000, from +212,000 to +261,000, and when adding the +51,000 revision to December employment in November and December combined is 100,000 higher than previously reported

But while the sequential change in the Establishment survey was notable, what was far more remarkable was the Household survey where we saw massive population related revisions (discussed last night), which pushed the civilian labor force higher by 2.2 million to 170.744 million, while the number of employed workers also increased by over 2.2 million to 163.895 million. As a result, the Household survey has finally caught up to Establishment survey.

Where the jobs are.

Revisions?

The Presidential portrait of Joe Biden.

The Green Slime Effect! House Price Index Up 3.8% YoY In November As Fed Funds Rates Remain High (Fed Balance Sheet Remains Elevated)

One reason that US home prices remain high (and unaffordable for many) is The Federal Reserve (aka, The Green Slime). Former Fed Chair (and Biden’s Treasury Secretary is no Luciana Paluzzi, the Italian beauty from the James Bond film Thunderball. Yellen is just a far-left economic hack.

Look at the Case-Shiller national home price index compared with The Fed funds target rate.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.8% annual return for November, up from a 3.6% annual gain in the previous month. The 10-City Composite saw an annual increase of 4.9%, recording the same annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.3%, up from a 4.2% increase in the previous month. New York again reported the highest annual gain among the 20 cities with a 7.3% increase in November, followed by Chicago and Washington with annual increases of 6.2% and 5.9%, respectively. Tampa posted the lowest return, falling 0.4%.

The pre-seasonally adjusted U.S. National, 20-City, and 10-City Composite Indices’ upward trends continued to reverse in November, with a -0.1% drop for the national index, while the 20-City Composite saw a -0.1% decline and the 10-City Composite was unchanged.

While the Fed Funds target rate gyrates, The Fed’s balance sheet remains high.

The Federal Reserve’s new logo!

Brace For Impact! Great Jobs Report Likely To Be Revised Downwards … A Lot!

Time to take a break from the Gavin Newsom/Karen Bass LA fire fiasco. And refocus on the Biden/Harris employment fiasco.

After a year of ‘robust’ job growth private payrolls were subsequently revised by nearly 1 MILLION for April 2023 – March 2024.

The most recent data points to additional huge revisions in Q2 and Q3.

In a normal world, Newsom and Bass would be toast politically. But this is far left Commiefornia!

Riders On The Storm! Buying Conditions For Housing Rises To 39, But Remains In The Doldrums (Home Prices UP 35.4% Under Biden, Mortgage Rates UP 148%)

We are all riders on the Biden housing storm.

Existing-home sales have finally started to improve on a seasonally adjusted basis after a three-year decline.

Cause? Raging home prices combined with higher than normal mortgage rates. Home prices are up 35.4% under Biden while conforming 30Y mortgage rates are up 148%.

Inflation Still Raging! 30Y Mortgage Rate Rose 141% Under Biden/Harris

Inflation soared under Biden/Harris, primarily due to their outrageous wasteful government spending.

US government spening soared with Covid and politicians enjoyed the unbridled spending.

Let’s see if Trump and Republicans can do any better.

Housing Starts Decreased To 1.289 Million In November, Down -10.2% YoY

Government didn’t build this country. The private sector did.

Housing Starts:
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,289,000. This is 1.8 percent below the revised October estimate of 1,312,000 and is 14.6 percent below the November 2023 rate of 1,510,000. Single-family housing starts in November were at a rate of 1,011,000; this is 6.4 percent above the revised October figure of 950,000. The November rate for units in buildings with five units or more was 264,000.

And down -10.2% year-over-year.

Building Permits:
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,505,000. This is 6.1 percent above the revised October rate of 1,419,000, but is 0.2 percent below the November 2023 rate of 1,508,000. Single-family authorizations in November were at a rate of 972,000; this is 0.1 percent above the revised October figure of 971,000. Authorizations of units in buildings with five units or more were at a rate of 481,000 in November.

As we watch Biden and Democrats attempt to demolish the country as Biden leaves office. Let’s see how many criminals Biden will pardon on the way out … like the Jan 6th “select” committee of Adam Schiff, Adam Kinzinger, Liz Cheney, Bennie Thompson, etc.