But some bigger cryptos have already collapsed to essentially zero. I mean, look at the sh*tshow going today, with the Nasdaq down 4% at the moment, subject to change.Ĭryptos were not mentioned by the MBA, and that’s a good thing because they’re just gambling tokens. If you were going to borrow your down-payment by taking out a margin loan against your soaring stocks, you may now have second thoughts, that’s for sure. It’s unnerving for people who’ve come to expect eternal and easy riches from stocks, and had built their whole future on this theory. I mean, not every day, because we’ve had some sharp bear-market rallies, but they don’t last long, and then stocks skid to lower lows. In this context, “volatility” always means sagging stock prices, because no one complains about upward volatility, and stocks are croaking. The average 30-year fixed mortgage rate with conforming balances and 20% down this week eased a tiny bit to 5.49%, according to the MBA today, from the prior week’s 5.53%, both the highest holy-moly mortgage rates since 2009 (data via ):Īnd it’s not just mortgage rates: The MBA added that “general uncertainty about the near-term economic outlook, as well as recent stock market volatility, may be causing some households to delay their home search.” Now raging inflation is the dominant economic concern, and the Fed is determined to get it under control (data via ): Powell caved, mortgage rates dropped again, and volume and prices took off again. But inflation was below the Fed’s target, and Trump had been keelhauling Powell on a daily basis. Back then, the Fed had been hiking rates, and its QT had pushed mortgage rates to a hair over 5%, volume was drying up, and prices had started to wobble and were coming down in some markets. The MBA’s Purchase Mortgage Applications Index dropped to the lows of late 2018. In its report, the Mortgage Bankers Association today added that “prospective homebuyers have been put off by higher rates and worsening affordability conditions” – namely the ridiculous spike in home prices over the past 18 months, on top of the surge in prior years, combined with mortgage rates returning to what would have been still very low rates a couple of decades ago. Today, another milestone: Applications for mortgages to purchase a home dropped 12% from the prior week and were down 15% from a year ago. ![]() ![]() The number of potential future homebuyers that need a mortgage has been thinning out for months. ![]() Pieces of evidence are lining up in increasing density. ![]() Also, don't forget to mention Hubbiz to Wolf Note Studio.“Recent stock market volatility” catches some of the blame. After you do business with Wolf Note Studio, please leave a review to help other people and improve hubbiz. Įstablished in 1974, Wolf Note Studio is located at 11093 Lone Lobo Trl in Nevada City, CA - Nevada County and is a business listed in the categories Musical Equipment Repair Sales & Service, Music Equipment Service & Repair, Musical Instruments Sales & Rental, Musical Instrument Stores, Musical Instrument Rental, Musical Equipment Repair, Musical Instrument And Supplies Stores, Musical Instrument Rental & Leasing, Musical Instruments Used, Musical Instruments, Secondhand and Used Merchandise Stores and offers Stringed Instrument Repair, Restoration, Design, Rentals, Bow Repairs, Instruments Bought & Sold, Musician, INSTRUMENT etc. Luke Wilson-, Craftsman Musician, Design, Since 1974.
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