Interest rates increased last week for the first time in more than a month, pushing mortgage applications down. The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 8.8%, outstripping last week’s 5.3% increase. Adjusted purchase applications fell by 10%, while the…
Recent bank failures have created another problem for the housing market: lack of credit. First American’s Potential Home Sales Model– a measure of what a healthy level of home sales should be based on market fundamentals– fell by 2.5% month-over-month in March. Year-over-year, it is down 10.7%, a loss of more than 640,000 sales. The…
Mixed economic indicators released this week may stall the Federal Reserve’s plans for another round of aggressive rate hikes. Retail sales fell 0.4% in February as consumers strained under high inflation, Commerce Department data released Wednesday showed. Spending fell in eight of the thirteen groups analyzed, with furniture and department stores seeing the biggest dips….
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