Mortgage rates surged this week, reaching a 20-year high of 7.09%.
That’s the highest point since the first week of April 2002 and marks just the third time rates have exceeded 7% since then.
The increase is being driven by the Federal Reserve’s efforts to combat inflation.
Of course, higher rates make it more difficult for homebuyers to afford a home…
And homebuyer demand is starting to crater.
The volume of purchase applications for a mortgage declined by 0.8% from one week earlier to its lowest level in nearly seven months.
Overall, purchase demand was 26% lower than the same week a year ago.
The decline in activity was driven by the increase in the overall cost of ownership.
The share of applications for adjustable-rate mortgages — which typically come with lower initial rates than fixed mortgage rates — increased to 7%, the highest level since April 2023, further confirming that borrowers are seeking relief.
In my opinion the artificial boom is busting and has quietly been for quite some time . . . it may not happen all at once.
But the cracks are showing almost everywhere you look if you dare to look hard enough.
The reality is, what happens outside of my control is just that – outside of my control.
But what is within my reach, is most certainly something I desire to do my best with.
Trading has been a vehicle that has freed me from the traditional working life, many of my clients have been freed from it as well and you can too!
It doesn’t matter what angle of the market you’re looking for – I’ve built something that will assist you along your journey . . . to learn more all you have to do is CLICK HERE ! ! !
Author: Anthony Speciale
Anthony Speciale Jr. Born and raised into a blue collar family in the suburbs of Northern New Jersey, I have in recent years put down the wrenches I’ve been turning for the better part of my entire life and have become a professional energy trader. My mother was a nurse practitioner and my father was an auto mechanic. I had literally watched both of my parents work endless hours with their hands throughout their entire lives and after loosing my mother at a young age to cancer, I had decided I wanted a different future than the path I was currently on. At a young age I was a struggling student who didn’t excel very well academically and college wasn’t really in the cards for me, but I was always a disciplined worker. When I had put my mind to something, there was nothing that was going to stop me from reaching and exceeding my goals I had set for myself. So, as life had evolved, so did my desire for freedom. It was never much about the money for me, but it was about the success and the freedom that accompanied that success. Over a decade ago, I decided to specialize in just one sector of the market. I knew that I only needed to be proficient at just one area of the market to achieve the goal I had set forth. Trade passively while producing massively. Well, that’s exactly what I did. After several years of failed attempts, endless education, trial and error - I had finally yielded myself the success and freedom I was desiring. After making myself over $1,000,000.00 trading this very method, it was time to share my success with those who also desire the freedom I did. After a lot of work, time, effort and sacrifice - Big Energy Profits went from merely a concept into a very real reality.