Jay The Revelator! Mortgage Purchase Applications Plunge 12% WoW As Mortgage Rates Skyrocket (Purchase Apps Down 15% Versus Same Week A Year Ago) – Confounded Interest – Anthony B. Sanders

Jay the Revelator! He revealed that The Fed will not hesitate to keep raising rates until inflation comes down. Which means that mortgage rates may be rising.

Mortgage applications decreased 11.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 13, 2022.

The Refinance Index decreased 10 percent from the previous week and was 76 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 12 percent from one week earlier. The unadjusted Purchase Index decreased 12 percent compared with the previous week and was 15 percent lower than the same week one year ago.

Of course, The Fed has about as much chance of slowing down energy and food prices as I do of becoming King of the United States. But Jay the Revelator may be able to cool housing demand with rising mortgage rates.