Weekly Mortgage Demand Stalls, Even Though Rates Drop to Lowest since April 2023
U.S. mortgage rates fell last week for the fourth straight week, but neither current homeowners nor homebuyers seemed particularly impressed.
Total mortgage application volume rose just 0.5% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances — $766,550 or less — decreased to 6.44% from 6.50%. Refinance demand was 85% higher than the same week one year ago. However, applications for a mortgage to purchase a home rose 1% for the week, but were 9% lower than the same week one year ago.
U.S. Nonfarm Payrolls Up by Just 142K in August
Nonfarm payrolls in the U.S. increased by 142,000 in August, according to a report by the Bureau of Labor Statistics on Friday.
There’s “Something” to Buy Before It Soars by More Than 84,000 Percent, According to Michael Saylor
Michael Saylor, Executive Chairman at MicroStrategy (MSTR), thinks a single Bitcoin (BTC) could be worth as much as $49 million by 2045, implying 84,380% upside from its current price.
