Mortgage rates over 7% are throttling homebuyer demand

Mortgage demand slumps again as interest rates hover over 7%

Megan Henney / FOXBusiness

 

A key measure of home-purchase applications fell for the fifth week in a row as mortgage rates continued to hover above 7%, throttling demand among would-be buyers.

The Mortgage Bankers Association’s (MBA) index of mortgage applications fell 5.6% for the week ended Feb. 23, compared with a 10.6% drop the previous week, according to new data published Wednesday. 

The data also showed that the average rate on the popular 30-year loan decreased slightly to 7.04% last week. While that is down from a peak of 8% in October, it remains noticeably higher than the start of the year.

“Higher rates in recent weeks have stalled activity,” said Mike Fratantoni, MBA’s chief economist.

Housing demand has ground to a halt as rates move higher. Applications for a mortgage to purchase a home dropped 5% from the previous week. Application volume is down 12% compared with the same time last year. Read more and see video here.

Biden White House Issues an Order to Sanctuary Cities, But Will It Have an Impact?

Matt Vespa / Townhall Tipsheet

 

Joe Biden’s advisers see the polls on the issue, and they’re on the losing end of it if they don’t do something about illegal immigration. Despite what the progressive wing thinks, this is and never has been a slam-dunk issue for Democrats. Hispanic voters aren’t high on mass amnesty, nor are they overly warm about a pathway to citizenship for newly arrived illegal aliens. 

Health care is where Democrats have an actual advantage over Republicans. Still, the spike in violent crime nationwide, especially at the hands of illegals, has forced the Biden White House to tell sanctuary cities it’s time for them to work with Immigration and Customs Enforcement (via Fox News): 

"The White House is calling for "sanctuary" cities and jurisdictions across the U.S. to cooperate with Immigration and Customs Enforcement (ICE) in turning over criminal illegal immigrants for deportation, just as there is renewed scrutiny over such policies in the wake of several high-profile crimes committed by illegal immigrants who had previously been released by local law enforcement despite pleas from...Read more and see video here.