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%) – Confounded Interest – Anthony B. Sanders

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.

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