🚨 U.S. mortgage applications just SURGED nearly 11% in a single week.
Refinancing up 23%. ARMs at their highest since 2022.
Can you imagine what would happen if the Fed actually CUT rates? 🧵👇
2/ The Mortgage Bankers Association just reported:
📈 +10.9% in overall applications
📈 +23% in refinancing
📈 +25% jump in adjustable-rate mortgages (ARMs)
3/ Why the surge?
Rates dipped.
➡️ 30-year fixed: 6.67%
➡️ 15-year fixed: 5.93%
➡️ 5/1 ARMs: 5.8%
Even a small drop has unleashed demand. Imagine what a long overdue Fed rate cut would do.
4/ Refinancing now makes up nearly half (46.5%) of all applications.
Meanwhile, demand is climbing:
🏡 Purchase index up 1% from last week
🏡 17% higher than this time last year
Yes, despite high prices, Americans want to BUY.
5/ The Fed has been crushing the housing market with sky-high rates for 3 years.
But now, the data shows the truth: the market is ready to roar back to life if the Fed gets out of the way.
6/ Bottom line:
Mortgage demand is surging. Families are desperate for relief. The economy is begging for growth.
If the Fed will just do the right thing, we could see a real estate boom that lifts the entire economy to even greater heights.
If you enjoyed this content, please like and share, and also sign up for your FREE or PREMIUM subscription to my newsletter at .RodMartin.org
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.