Tag: @Varneyco

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.

Equity Markets Get “Powell’d” After Fed Chair Backs Front-Loading Rate Hikes, Says Half-Point on Table (Dow Down Over 600 Points On “Foul Powell” Utterance)

And what an unappetizing table it is!

Federal Reserve Chair Jerome Powell said he saw merit in the argument for front-loading interest-rate increases, including a half percentage-point hike next month.“

I would say that 50 basis points will be on the table for the May meeting,” Powell told an IMF-hosted panel on Thursday in Washington that he shared with European Central Bank

President Christine Lagarde and other officials. “We really are committed to using our tools to get 2% inflation back,” he said, referring to the Fed’s target for annual price increases.

Central bankers are grappling with some of the highest inflation rates since the 1980s that are being further pressured as Russia’s invasion of Ukraine boosts food and energy prices and China’s coronavirus lockdowns tangles supply chains anew.

Equity markets in the USA and Europe are getting “Powell’d” and “Lagarde’d” today. As of noon today, the Dow is down 628 points (or -1.81%). Euro Stoxx 50 is down -2.24%.

I remember appearing on Fox Business’ Stuart Varney and Company where he asked me what will happen when The Fed starts to raise rates in a serious fashion. I made a ka-boom gesture at which he laughed. Stuart, I wasn’t joking!

Foul Powell on the Prowl, driving up mortgage rates, and driving down equities and bonds.