US Mortgage Purchase Demand Down -42.3% Under Bidenomics, Mortgage Refi Demand Down -91%, Mortgage Rates UP 131% (As Liquidity Dries Up) – Confounded Interest – Anthony B. Sanders

Joe Biden, or “Blow Biden” after the cocaine was discovered in the White House the other day, owns the abysmal mortgage and housing market thanks to The Fed fighting inflation caused by Bidenomics (massive Federal spending and massive Fed stimulus).

Mortgage applications decreased 4.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 30, 2023. Last week’s results included an adjustment for the Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week and was 30 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 22 percent lower than the same week one year ago.

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As liquidity dries up under Bidenomics. Or Yellenomics. Take your pick!

Seriously, can The Biden Administration get any more embarrassing? Or dangerous to American civil liberties?