Mortgage applications tumble 18% amid higher rates
A key measure of home-purchase applications fell last week to the lowest level since 1995 as high mortgage rates, surging inflation and steep home prices sapped consumer demand from the housing market.
The Mortgage Bankers Association’s index of mortgage applications tumbled more than 18%, the biggest weekly drop since 2015, to 147.1 for the week ended Feb. 17, according to new data published on Wednesday.
“This time of the year is typically when purchase activity ramps up, but over the past two weeks, rates have increased significantly as financial markets digest data on inflation cooling at a slower pace than expected,” said Joel Kan, MBA’s vice president and deputy chief economist.
Biden.
Trying to outdo Carter.
18% interest on home loans.
Democrats. The bane of our civilization and the real enemy of our country.
If you listen to democrats (and I recommend you don’t), biden is so great, he has unicorns flying out of his ace and they are making rainbows and flowers appear for “all Americans”.
Except, of course, the ones trying to survive in East Palestine.
The democrats think they can just die and burn in hell, which is exactly what is happening to them.
Remember —- 81 million of the dumbest people in the country thought biden was a genius and the second coming of Christ himself.
biden seems to think that’s true, too.
And, UNBELIEVABLY, millions think he is doing a GREAT JOB!!! Did I mention “the dumbest people”?
Keep cheering.
Right up to the point you have to tell your kids to put their coats on and there won’t be any dinner tonight.
Because of Trump. lol
The dips has begun and it will go back up. We r currently in a 8-10 yr roller coaster ride. Started in 1986 with Ronnie and has continued.
Hold on and plan accordingly
Stupid to Pay these Biden Inflated Rates !!! One will have to Rent for awhile several Years now !!!!!
Any more than 2% Fixed is Stupid !!!!
100% Permanent Disability here I come!