It is no surprise that mortgage applications are rising. What is surprising is how small the increase is. Last week, applications went up just 4.1%.
Why are mortgage applications going up? Because mortgage interest rates are dropping.
Why aren’t mortgage applications going up faster? Because there’s not much demand in the economy. People with money are afraid to commit their funds. The business economic outlook is bleak. President Obama has created great uncertainty about his plans and the smart money wants to stay liquid.
Perhaps if we replace Barack Obama with a Republican president, we might get businesses hiring again.
Mortgage apps and refinance apps are well below what they were a year ago when mortgage interest rates were higher.
The more I hear Barack Obama, the more I hear Jimmy Carter. Obama keeps saying it is not my fault.
He’s right. It is our fault for electing him in the first place.
The president’s message is that he’s had bad luck on the economy. He refuses to take responsibility for our economic doldrums and he has no plans to turn things around.
Half of Americans think we’re still in a recession. If this has been a recovery over the past two years, oy vey! I’d hate to see what an Obama recession will look like.
Report: Mortgage loan application volume increased 4.1% on a seasonally adjusted basis for the week ended Aug. 12 from the prior week, the Mortgage Bankers Association said Wednesday.
The refinance index jumped 8% week over week as loan rates fell, but remained 16.3% lower year over year.