MBA Announces Loan Applications Declined From Prior Week Despite Record Low Mortgage Rates, Now At +0.6% From +1.3%

Tyler Durden's picture

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cossack55's picture

But don't they still have the "homes for all, homes for free" bullet.

redarrow's picture

If they fire that they will also be firing the dollar away as the reserve currency overnight.

overmedicatedundersexed's picture

only question for home owners under water..

how much fire insurance you got?


LoneStarHog's picture

The Spin As Reported:  "The purchase index continues to show life, up 0.3 percent in the Aug. 6 week to extend a run of gains. The refinance index is also showing life, up 0.6 percent following a 1.3 percent gain in the prior week. Low rates are helping demand for both purchases and refinancing. The average 30-year rate fell three basis points in the week to 4.57 percent."

jbc77's picture

I'm just left wondering. Scratching my head. Was yesterday's Fed speak just to show they are doing something? Anything?

Obviously it doesn't matter how low rates are. Don't they know that? Are you serious?

If you don't have a job or you don't feel secure about your job a person of average intellignece is not going to take on a mortgage. Seems simple, doesn't it?

After all the lies, games, stealing, looting that I've witnessed over the last year I find myself actively rooting for the utter failure of the federal reserve. Might sound sick but these people deserve what I hope is coming to them. It's time that they find themselves in harms way instead of the people who work hard everyday, just trying to support their familes. It's time they feel our pain and I pray to God they get whats coming to them.

MachoMan's picture

Be careful what you wish for.  The devil is in the details of your desires.  You could end the FED and the country could collapse and you might find yourself at the end of the whip.  Remember, the FED's job is already largely complete, the wealth gap having been created long ago.  The people that rise to fill the power vacuum will not be fickle mistresses, rather they will unilaterally dictate your life (much like our present government).

What you need to hope for is that we, acting through the government, stop the charade and claw back ill gotten gains.  This plan will need to be universally accepted throughout the world given the ultimate primary actors are inevitably multinational corporations/people.  In short, to provide any legitimacy to the FED's destruction, it has to be destroyed from within the system that created it and not lynched out in the street.  And, not only does the FED have to be abolished, but the primary actors benefiting therefrom (not even sure how you quantify the benefit) punished and any ill gotten gains returned.

The days of overpowering soldiers with numbers are over.  You are just cannon fodder in modern warfare.  I would not get into a pissing contest in a power vacuum with the federal government in dire straights.  You might find yourself at the wrong end of the gun barrel of a "security detail" for one of those more equal animals.

jkruffin's picture

Is the FED plan part of the overall plan to do the auto-refi attempt I wonder?  Let's say Benny Boy pushes the 10yr down to 1% and the 30yr down to 3% or less even,  then the auto-refi plan takes place.  Could help some homeowners save some greenbacks each month.

Doesn't help those without a job though, which is the real situation to worry about. 

Glad I am 100% in PIMCO Total Return fund,  because it is about to soar, thanks to Benny Ho.

RaymondKHessel's picture

Yep. Been in PPTRX since the start of the year. Nice gains already.

bonddude's picture

My arm payments are @ -.5%-WOW

bigkahuna's picture

People who want to refi cannot. Those who can refi are busy deleveraging. It is that simple. Short of making a refi compulsory somehow, it's just not going to happen. Purchases are a non factor. Do these brilliant folks not understand a systematic issue when they see one?

Internet Tough Guy's picture

I can refi, but I am waiting for the 10 yr to go 2.5.

Mako's picture

It's called game over.

You can only shove so much food down the fat man's pie hole before he vomits and implodes.

It's been over since 2007 but mass lemmings still think they can get out. 

taraxias's picture

Nice to have you back Mako. You hadn't posted for a while.

ella's picture

Prices are still way too high as compared to incomes and the increased cost of living.