Political Crossfire Forums

[beachbum bob]

one of the finest sites out there...

Change in mortgage apps (year over year):
Total -29.0%
Purchase -23.2%
Refi -37.0%
Fixed-Rate -28.2%
ARM -30.7%[



http://bigpicture.typepad.com/comments/

Let's look at the most recent mortgage data as an example: This morning, the Mortgage Bankers Association (MBA) released its Weekly Mortgage App Survey (week ending July 28) called the Market Composite Index. Its a measure of mortgage loan application volume.

The most recent data showed a sequential decrease of 1.2% (seasonally adjusteded) -- the lowest the index has been since May 2002. It was the 3rd straight week of slumping overall mortgage activity, despite interest rate declines over the same timeframe.

On an unadjusted basis, the Index decreased 29.0% compared with the same week one year earlier.

Hence, our obsession.

Mortgage apps are but one of many indicators of the ongoing housing market slowdown. New Home Sales were down 11% in the past year, while Existing Home Sales were down 8.9%. Both Housing starts (down 11%) and Home Builders' Sentiment Index (down over half -- off 41 points in the past year to 39) to levels also suggesting a dramatic cooling in Real Estate.

Its no surprise then that refinancings have become a larger share of mortgage activity, as home sales slide. Adjustable-rate mortgages (ARM) are also decreasing on a percentage basis.

Change in mortgage apps (year over year):
Total -29.0%
Purchase -23.2%
Refi -37.0%
Fixed-Rate -28.2%
ARM -30.7%

>

[GTTofAK]

beachbum bob wrote: one of the finest sites out there...

Change in mortgage apps (year over year):
Total -29.0%
Purchase -23.2%
Refi -37.0%
Fixed-Rate -28.2%
ARM -30.7%[



http://bigpicture.typepad.com/comments/

Let's look at the most recent mortgage data as an example: This morning, the Mortgage Bankers Association (MBA) released its Weekly Mortgage App Survey (week ending July 28) called the Market Composite Index. Its a measure of mortgage loan application volume.

The most recent data showed a sequential decrease of 1.2% (seasonally adjusteded) -- the lowest the index has been since May 2002. It was the 3rd straight week of slumping overall mortgage activity, despite interest rate declines over the same timeframe.

On an unadjusted basis, the Index decreased 29.0% compared with the same week one year earlier.

Hence, our obsession.

Mortgage apps are but one of many indicators of the ongoing housing market slowdown. New Home Sales were down 11% in the past year, while Existing Home Sales were down 8.9%. Both Housing starts (down 11%) and Home Builders' Sentiment Index (down over half -- off 41 points in the past year to 39) to levels also suggesting a dramatic cooling in Real Estate.

Its no surprise then that refinancings have become a larger share of mortgage activity, as home sales slide. Adjustable-rate mortgages (ARM) are also decreasing on a percentage basis.

Change in mortgage apps (year over year):
Total -29.0%
Purchase -23.2%
Refi -37.0%
Fixed-Rate -28.2%
ARM -30.7%

>

Bob I really don't care. I expect the housing market to come down. Rises and falls are endemic of capitalism.

[LeopardPM]

GTTofAK wrote:
Bob I really don't care. I expect the housing market to come down. Rises and falls are endemic of capitalism.

not endemic of Capitalism - it is endemic of State controlled money supply though, in SPITE of the progress that the free market provides us.

[ubikk]

LeopardPM wrote: GTTofAK wrote:
Bob I really don't care. I expect the housing market to come down. Rises and falls are endemic of capitalism.

not endemic of Capitalism - it is endemic of State controlled money supply though, in SPITE of the progress that the free market provides us.

I think the Fed is tightening money supplies to prevent the value of the dollar from plummeting due to our many account deficits. Then need to keep moeny flowing into their coffers. No one will buy their bonds if the dollar is dropping. That's just my opinion, tho...