Mortgage Aps Down 8.7%
The home builders are following a trend that is not new to readers of this blog. "The Mortgage Bankers Association today released its Weekly Mortgage Applications Survey for the week ending April 15. The Index decreased 8.7 percent compared with the same week one year earlier."
This in spite of a decline in mortgage rates. "According to the MBA, fixed 30-year mortgage rates averaged 5.83 percent last week, excluding fees, down 12 basis points from 5.95 percent the previous week. Rates are almost exactly where they stood a year ago."
3 Comments:
And this negative growth is just a beginning.
http://www.cleveland.com/business/plaindealer/index.ssf?/base/business/1113998177199450.xml
US to mint 24-k Gold coin
any way connected with coming bust???
House affordability is at an all time low and ownership at an all time high. Joe six-pack is maxed out. His credit cards are full just trying to live because he can't make the mortgage. Mortgage industry is running out of ideas as interest-only, 80/20, ARM's, 40 yr. etc. have pretty much run their course. Foreigners getting tired of financing our debt. Builders starting to get seriously cold feet. Dollar weak and Fed unable to lower short rates.
Is this pretty much the perfect storm or what?
If mortgage activity lowers even though rates lower, you know that all of the above is true and we are truly at the very end.
Post a Comment
<< Home