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.
