Home purchase mortgage applications were 19% lower than the same week in July last year, and 6% lower than the prior week. Those numbers are a direct reflection of the impact inflation is having on our economy.
Inflation pace is the fastest it has been in more than 40 years. Unprecedented, historical, and painful. It is a pain that everyone is feeling, however some more than others.
In a recent CNBC interview, Kansas City Federal Reserve President Esther George noted that the Fed is looking to tighten financial conditions, of which equity markets are a component, in an effort to tamp down price increases running at their fastest pace in more than 40 years.
A recent article on CNBC.com, written by Jeff Cox, and Titled: Fed holds rates steady near zero and indicates it will stay there for years, includes the following statement “Projections from individual members also indicated that rates could stay anchored near zero through 2023. All but four members indicated they see zero rates through then. This was the first time the committee forecast its outlook for 2023.” The article details the projections and expectations of the policymaking Federal Open Market Committee.