Visual of the Week
Mortgage Applications Soared Last Week - Or Did They? ????
Many news outlets are emphasizing a 'mortgage application surge,' but the true situation is more nuanced. Mortgage purchase applications are down 8% from last year and nearly 50% from pre-pandemic levels, reflecting weak homebuyer demand. Although the seasonally adjusted Purchase Index rose by 3.0% from the previous week, and the unadjusted Index increased by 2.0%, both still lag behind the same week in 2023 by 8.0%. Read More
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