Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Mortgages Down In Trump’s America
Posted
February 19, 2017
Views
124,398
Likes
2,336
Comments
544
Engagement
2.32%
February 19, 2017
124,398
2,336
544
2.32%
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9:33Now PlayingOne policy change put into place by the Trump Administration is already having bad effects. Ana Kasparian and Cenk Uygur, hosts of The Young Turks, discuss. Tell us what you think in the comment section below.
"A plunge in applications for government-insured loans was behind a drop in overall mortgage volume last week.
Total mortgage applications fell 3.2 percent on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association. Volume was 18 percent lower than the same week one year ago.
Most notable was a 13 percent drop in FHA applications — a direct result of the Trump administration reversing a cut in the FHA's annual mortgage insurance premium just hours after the inauguration. That cut was the last major policy act of the Obama administration and would have decreased monthly payments for thousands of new, lower-income borrowers. FHA applications increased immediately after the cut was announced, and lenders have reported that many of those have also been withdrawn…
Applications to refinance a home loan fell 1 percent for the week, seasonally adjusted but are nearly 32 percent below year-ago levels. Refinance volume dipped below 50 percent of overall applications and hit its lowest since July 2015. Mortgage rates jumped decisively following the presidential election, pulled back slightly at the start of the new year and are now heading higher once again.
Mortgage applications to purchase a home fell a steeper 6 percent for the week and are just 2 percent higher than a year ago. Home price gains continue to increase, and affordability is weakening across the nation, but demand for housing is rising.”*
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Hosts: Ana Kasparian, Cenk Uygur
Cast: Ana Kasparian, Cenk Uygur
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The Largest Online News Show in the World. Hosted by Cenk Uygur and Ana Kasparian. LIVE STREAMING weekdays 68pm ET.
Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)
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