Breaking: Democrats' Housing Policies Spark Mortgage Collapse
Democrats' Policies Trigger Mortgage Collapse & Decimate Housing Market
Brace yourself, because if you think the mortgage demand plunge is bad, the housing crisis fueled by Democratic policies has only just begun. But there are ways savvy investors can still find light amidst the darkness.
Mortgage Applications Dropping Fast
The Mortgage Bankers Association tracks how many people apply for mortgages each week. Their latest data shows mortgage applications dropped 10.6% in the week ending February 16 compared to the previous week.
Applications to purchase a home went down 10% in just one week. And they are down 13% from the same time last year. People asking to refinance their home loans also went down 11% from the prior week.
Interest Rates Highest Since December
Rates on popular 30-year mortgages averaged 7.06% last week. That's the highest since December 2023. Mike Fratantoni, the top economist for the Mortgage Bankers Association, said rates went up due to January inflation being higher than expected.
Fratantoni explained that shoppers for homes don't like when rates increase because it makes buying less affordable. There are also fewer homes available for sale than before the pandemic. This gives buyers much less choice in today's market.
The Federal Reserve has been aggressively raising interest rates to fight inflation. But this makes mortgages more expensive. It seems rates will stay high for a while longer even if it slows down the economy in the short term.
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The Opportunity In All This
While the housing market may seem grim right now, there is always light at the end of the tunnel for savvy investors who stick to sound financial principles. Focusing on long-term growth opportunities, fiscal responsibility, and pro-business policies has seen countless conservatives through tougher economic storms before.
Trusting in your three pillars of growing your portfolio, monitoring anti-growth policies, and supporting pro-growth reforms will provide the foundation needed to weather near-term volatility. Though the road may be rocky for a while, maintaining dedication and perseverance ensures you are on the path to prosperity.
The housing market's ebb and flow does not change smart investment strategies that yield steady rewards. Have faith that staying the course with your principles will lead to brighter days ahead.
To the future of our America,
James Reagan