US Mortgage Purchase Demand Drops -19% From Previous Week As Mortgage Rates Top 7% (Down -53% Under Bidenomics, Rates Up 138%) Strongly Recommend “Sound Of Freedom”

As Bidenomics (why Biden would brag about massive inflation in energy, food and shelter is beyond me), lurches forward, we have another shred of lousy economic news: US mortgage purchase demand fell -19% from the previous week and is how down -53% under Bidenomics).

Mortgage applications increased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 7, 2023. This week’s results include an adjustment for the observance of Independence Day.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 19 percent compared with the previous week. The Refinance Index decreased 21 percent from the previous week and was 39 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index decreased 19 percent compared with the previous week and was 26 percent lower than the same week one year ago.

Yes, mortgag purchase demand is down a staggering -53% under Bidenomics (another word for the next best thing to Socialism which is Federal control of where the trillions are spent). Economic traffic led by The Keystone Kops.

Here is the rest of the data. Mark Zandi will look at the seasonally adjusted data, I look at the raw or non-seasonally adjusted data.

On a different note, I watch “Sound of Freedom” last night. A tremendous film highlighting the problem of pedophelia and child sex slavery in the US and Latin America. Very, very moving. Biden should be ashamed for cancelling Trump’s anti trafficking program.

Bankrate’s 30Y Mortgage Rate Rises To 7.31%, Up 154% Under Bidenomics (Fed Likely To Continue Rate Hikes)

Bidenomics, the massive Federal spending spree that helped drive inflation to 40 year highs, is the most top-down Soviet-style command economy model imaginable.

As The Fed battles Bidenflation, the 30-year mortgage rate has now risen to 7.31%, a far cry from 2.88% when Biden was installed as President. That is a 154% increase in the 30-year mortgage rate under Bidenomics.

The architect of Bidenflation, Snow Biden.

Bidenomics? US Pending Home Sales Plunge More Than Expected In May To -20.8% YoY (Negative On Top Of 25 Straigth Months Of Negative REAL Wage Growth)

Bidenomics? Yes, an economy where inflation crushes the middle class and low wage workers with 2 years of negative wage growth and now 24 or the last 25 months of negative growth rates of Pending Home Sales YoY.

After existing home sales were flat and new home sales exploded higher, pending home sales once again are the tie-breaker on May’s housing market (and were expected to decline 0.5% MoM). The actual print was considerably worse than expected, down 2.7% MoM (and April was revised down from unchanged to -0.4% MoM). Pending Home Sales were down -20.8% YoY in May.

This is not exactly surprising given that Americans have suffered from 25 straight months of NEGATIVE real weekly earnings growth.

“C’mon man! The Biden clan is getting filthy rich with foreign bribes! Stop the malarkey about Bidenomics being a disaster!”

Bidenomics? US Purchase Mortgage Demand Falls -8% From Previous Week (DOWN -21% From Last Year, DOWN -45.3% Under Biden, Refi Demand DOWN -91%, Mortgage Rate UP 128%)

Eggs, bacon and toast. All more expensive under Biden’s economy. And mortgage purchase demand is down -45.3% since Biden was elected and mortgage refinancing demand is down -91% under Biden and mortgage rates are up 128% under Biden’s economy.

Mortgage applications increased 3.0 percent from one week earlier (using seasonally adjusted data), according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 23, 2023. This week’s results include an adjustment for Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index decreased 8 percent compared with the previous week and was 21 percent lower than the same week one year ago.

The Refinance Index increased 3 percent from the previous week and was 32 percent lower than the same week one year ago.

Now for the highly (self) touted Biden economy: Mortgage purchase demand is DOWN DOWN -45.3% under Biden, Refi demand is DOWN -91% under Bidenomics, and mortgage rates are UP 128% under Clueless Joe’s Reign of economic error.

Biden’s Mortgage Market! Mortgage Demand Down -35% Under Biden, Refi Demand Down -90%, Mortgage Rates Up 128% (Renter’s Misery Index Now 11.75% Versus 6.78 Pre-Covid Under Trump)

The good news? Mortgage purchase demand fell only -0.05% from last week. The bad news? Mortgage purchase demand is down -35% since Resident Biden was sworn in. And mortgage refinancing demand is down a whopping -90%. Reason? Mortgage rates are up 128% under Clueless Joe.

Mortgage applications increased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 16, 2023.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.5 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 Refinance Index decreased 2 percent from the previous week and was 40 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index decreased 0.1 percent compared with the previous week and was 32 percent lower than the same week one year ago.

And as Paul Harvey used to say, here is the rest of the story.

And the renter’s misery index, CPI for owner’s equivalent rent YoY + U-3 unemployment rate, is now a staggering 11.75% verus 6.78% in February 2020, the last month before the Chinese Wuhan virus led to economic and school shutdowns. And we have Donald Trump as President instead of this corrupt clown.

What is the difference between baseball legend Shoeless Joe Jackson and Clueless Joe Biden? While both sold out their teams for personal wealth, at least Shoeless Joe was good at baseball. Clueless Joe is a corrupt bully. Shoeless Joe was allegedly stupid, but so is Clueless Joe.

US Housing Starts Surge Most Since 2016, Exceed All Estimates (The Pause That Refreshes As Fed Dot Plots Suggest Return Of Zorp [Zero Outrageous Rate Policies!)

Well, not really unexpected since the housing sentiment index for home builders was above 50 yesterday. But with The Fed pausing rate hikes, housing starts are soaring!

US housing starts unexpectedly surged in May by the most since 2016 and applications to build increased, suggesting residential construction is on track to help fuel economic growth.

Beginning home construction jumped 21.7% to a 1.63 million annualized rate, the fastest pace in more than a year, according to government data released Tuesday. The pace exceeded all projections in a Bloomberg survey of economists. Single-family homebuilding rose 18.5% to an 11-month high.

Applications to build, a proxy for future construction, climbed 5.2% to an annualized rate of 1.49 million units. Permits for one-family dwellings increased.

Metric	Actual	Est.
Housing starts (SAAR)	1.63 mln	1.4 mln
One-family home starts (SAAR)	997,000	na
Building permits (SAAR)	1.49 mln	1.425 mln
One-family home permits (SAAR)	897,000	na

The figures corroborate Federal Reserve Chair Jerome Powell’s comments last week that the housing market has shown signs of stabilizing. Homebuilders, which are responding to limited inventory in the resale market, have grown more upbeat as demand firms, materials costs retreat and supply-chain pressures ease.

The housing starts data will feed into economists’ estimates of home construction’s impact on second-quarter gross domestic product. Prior to the report, the Atlanta Fed’s GDPNow forecast had residential investment subtracting about 0.1 percentage point from gross domestic product. Homebuilding last contributed to growth in the first quarter of 2021.

At the same time, elevated mortgage rates are crimping affordability, suggesting limited momentum in housing demand.

The increase in starts from a month earlier was the biggest since October 2016 and reflected gains in three of four US regions. Starts of apartment buildings and other multifamily projects jumped more than 27%.

The number of homes completed increased to a 1.52 million annualized rate. The level of one-family properties under construction were little changed at 695,000.

Existing-home sales data for May will be released on Thursday, while a report on new-home purchases is due next week.

Now only has The Fed paused, but the most recent Fed Dots Plot reveals that Fed open market committee (FOMC) members see The Fed slashing rates over the coming years. Just in time for creepy, demented Grandpa Joe to be reelected as President. In other words, the return of ZORP (zero outrageous rate policy).

Maybe The Fed should adopt the Coca Cola slogan “The Pause That Refreshes!”

Bidenville Mortgage Depot! US Mortgage Purchase Demand Down -27% Since Last Year, Refi Demand Down -42% (Bidenflation, Stalling Economy = Bad News For Mortgage Market)

Welcome to the Bidenville Mortgage Depot! Where Bidenflation (caused by idiotic energy policies, crazy Fed money printing and insane Federal spending) has caused The Fed to raise rates crushing the US mortgage market.

Mortgage applications decreased 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 2, 2023. This week’s results include an adjustment for the Memorial Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12 percent compared with the previous week. The Refinance Index decreased 1 percent from the previous week and was 42 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 13 percent compared with the previous week and was 27 percent lower than the same week one year ago.

The rest of the story.

The East Palestine Ohio train wreck is symbolic of Biden’s economic programs. I don’t think the Vacationer in Chief (40% of time as President has been on vacation) has been there yet.

Land Of Confusion! US Mortgage Demand Drops 3.7% From Previous Week, Under Biden: Mortgage Purchase Demand Down -44%, Refi Demand Down -87%, Mortgage Rates UP 106%

Under Biden, the US economy is a land of confusion. Under Biden’s Reign of Error, Mortgage Purchase Demand is down -44%, Refi Demand is down -87%, and Mortgage Rates are UP 106%.

Mortgage applications (demand) decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 26, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week. The Refinance Index decreased 7 percent from the previous week and was 45 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 31 percent lower than the same week one year ago.

Here is the rest of the story.

1% down payment mortgages when home prices are falling? Truly, a land of economic confusion under Country Joe.

Like Persistent Inflation, New Home Sales Rise 4.1% MoM In April Despite M2 Money Collapse (Taylor Rule Suggests Target Rate Of 11.78%, So The Fed Is STILL Overstimulating Markets)

Remember when former Fed Chair and current Treasury Secretary Janet Yellen said that inflation was transitory? As usual, Yellen was wrong. Look at April’s new home sales. Up 4.1% since March even through M2 Money growth has collapsed.

The Taylor Rule, based on Core CPI of 5.25% (persistent, not transitory inflation Janet) suggest a Fed target rate of 11.78%. The Fed is at 5.25% and likely to pause rate hikes and maybe even lower rates again.

US Housing Starts In April Crash -22.3% Since Last Year, 12 Consecutive Months Of Negative Growth (But Up 2.19% From March) As Fed Crashes M2 Money Growth

More bad news about the economy and housing sector under Biden/Yellen/Powell’s Reign of Economic Error.

US housing starts are out for April 2023. The bad news? Housing starts tanked -22.3% year-over-year (YoY).

The good news? US housing starts were up 2.19% from March to April. 1-unit detached starts were up 1.56% MoM while 5+ unit starts up 5.24% MoM. Permits for multifamily were down -9.71% from March to April.

The media will no doubt try to ignore the horrifying Durham Report. The report showed that Hillary Clinton and the Obama administration knowingly smeared Presidential candidate Donald Trump with false Russian misinformation and knowingly tried to steal an election. I wonder if Attorney General Merrick Garland will open an investigation into Hillary Clinton’s involvement in election tampering? Oh wait, the IRS was told to stop investigating Hunter Biden’s nefarious dealings. Never mind.