🚨 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? 🧵👇
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)
📈 +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.
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.
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.
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.
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.
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