Jun 8, 2022 1 min read

Mortgage Applications Falling, Consumer Credit Balances Rising

Mortgage Applications Falling, Consumer Credit Balances Rising

The housing market may be falling into a recession, but consumers continue to spend—though they have needed to borrow more to do so. The seasonally adjusted purchase Index for mortgage applications, compiled by the Mortgage Bankers Association, decreased 7% w/w and 21% y/y during the week ended June 3. Record-high home prices combined with this year’s spike in the mortgage rate to 5.40% have clobbered housing affordability.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Yardeni QuickTakes.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.