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Payroll processors exist to provide financial infrastructure and because political economy is complicated.
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MBA: Mortgage Applications Increase in Latest MBA Weekly Survey

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey Mortgage applications increased 11.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 7, 2025. The seasonally adjusted Purchase Index increased 7 percent from one week earlier. The unadjusted Purchase Index increased 8 percent compared with the previous week and was 4 percent higher than the same week one year ago. "Mortgage rates declined for the sixth consecutive week, with the 30-year fixed rate dropping to 6.67 percent, the lowest level since October 2024. As a result, applications increased over the week and were up 31 percent from a year ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “As we enter the spring homebuying season, the purchase index was more than 4 percent higher than a year ago, and activity was up across all loan categories. Government purchase applications experienced an 11 percent increase – helped by the FHA rate dropping to 6.34 percent. Additionally, average loan sizes were higher, with the purchase loan amount hitting $460,800, the highest in the survey dating back to 1990.” emphasis added Click on graph for larger image. The first graph shows the MBA mortgage purchase index. Red is a four-week average (blue is weekly).   Purchase application activity is up about 23% from the lows in late October 2023 and is only 2% above the lowest levels during the housing bust.   The second graph shows the refinance index since 1990. The refinance index increased sharply again this week but remains very low.

17 hours ago 1 votes
Crypto reserves: no public good, no principles

The formerly anti-government bitcoin movement abandons its principles in favor of number-go-up, applauds federal plan to stockpile seized crypto with no clear benefit to national interest

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2nd Look at Local Housing Markets in February

Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in February A brief excerpt: NOTE: The tables for active listings, new listings and closed sales all include a comparison to February 2019 for each local market (some 2019 data is not available). Here is a look at months-of-supply using NSA sales. Since this is NSA data, it is likely months-of-supply will increase into the Summer. There is much more in the article.

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BLS: Job Openings Increased to 7.7 million in January

From the BLS: Job Openings and Labor Turnover Summary The number of job openings was little changed at 7.7 million in January, the U.S. Bureau of Labor Statistics reported today. Hires held at 5.4 million, and total separations changed little at 5.3 million. Within separations, quits (3.3 million) and layoffs and discharges (1.6 million) changed little. emphasis added This report is for January; the employment report last Friday was for February. Click on graph for larger image. The number of job openings (black) were down 9% year-over-year.  Quits were down 3% year-over-year. These are voluntary separations. (See light blue columns at bottom of graph for trend for "quits").

2 days ago 2 votes