Fed Inferno? Mortgage Purchase Applications Rise 1.87% From Previous Week, But Down 10% From Same Week Last Year

Yes, the super-heated housing market is showing signs of slowing down.

According to the Mortgage Bankers Association (MBA), mortgage purchase applications rose 1.87% from the previous week. However, purchase applications are down 10% from the same week last year.

Refinancing applications dropped -.48% from the previous week as the 30-year mortgage contract rate rose from 3.14% to 3.18%. Refi apps are up 6% from the same week last year.

As rates begin to rise, mortgage refi applications will decline.

With the Atlanta Fed GDP tracker showing GDP growth slowing to 0.5%, we are starting to see the beginning of a Fed inferno.

Here is Biden’s Press Secretary Jen Psaki!

705742? Bitcoin Hits 63983 As US Treasury Curve Steepens (As Mortgage Rates Rise?)

I have no idea why Jack Dorsey tweeted “705742.” But I do know that Bitcoin hit 63,982.92 this morning as the US 10Y-3M curve has been steepening.

Since the 3-month Treasury yield has been repressed to near zero, the 10Y-3M curve is pointing to rising 10-year yields. Which likely means that 30-year mortgage rates will be rising too.

UPDATE! Bitcoin hits 66,615 as Proshares Bitcoin Strategy E rises as well.