Registered Investment Adviser Caleb Lawrence
The major averages fell hard in early trade following impeachment calls from both sides of the aisle after the lamestream media and Washington finally recognized the Trump administration for what it is, a looming disaster, and after less than 5-months in office.
The Mortgage Bankers Association or MBA reports that mortgage activity fell 4.1% last week after Refi’s slipped 6% and purchase apps dropped 3%. The 30-year contract rate for a conforming loan was unchanged at 4.23%.
The latest consumer credit report from the New York Federal Reserve shows that consumer credit has hit a new all-time record high of 12.73 trillion as of March 31, 2017, surpassing the previous high set in 2008. With debt continuing to rise sharply off the 2013 lows and given recent data on student, auto and credit card debt no real surprise here, as an aside mortgage debt is still trying to recover its previous highs as is the homeownership rate.