You know the housing market is getting pretty freaking crazy when it starts to look like it's pre-George W. out there:
Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. That, and rising uncertainty in the overall housing market, caused mortgage application volume to drop 3.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
After a strange rebound the week before, applications to refinance a home loan declined 11% for the week and were 84% lower than the same week one year ago. They are now at a 22-year low because there are very few borrowers who can benefit from a refinance at today's higher rates.
It used to be everyone was rolling up to the local Southern Trust Mortgage and locking down a rock-bottom refinance rate like:
Now people are going into the bank to refinance and seeing the interest rates like:
Before you know it, Biden will blow us right past the Bush/Reagan years straight into Jimmy Carter territory!
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