The Mortgage Bankers Association reported that U.S. mortgage applications fell for a fourth straight week, and were down about 1% last week. (The 4-week moving average is down about 3 %.) At least purchases were up 2.4%. As we all know, it doesn’t matter how low mortgage interest rates go – if a potential borrower does not have a job, or thinks the market will continue to soften, they are not going to borrow or buy a home.
A small man is sitting at the bar staring at his drink when a large, trouble-making biker steps up next to him, grabs his drink and gulps it down in one swig.
“Well, whatcha gonna do about it?” he says, menacingly, as the little guy bursts into tears.
“Come on, man,” the biker says, “I didn’t think you’d cry. I can’t stand to see a man crying.”
“This is the worst day of my life,” says the little guy.
“I’m a complete failure. I was late to a meeting with a customer, and my manager fired me. When I went to the car park, I found my car stolen and I don’t have any insurance, I left my wallet in the cab I took home. I found my wife in bed with the insurance guy and then my dog bit me.
“So I came to this bar to work up the courage to put an end to it all. I buy a drink, drop the capsule in it and while I sit here watching the poison dissolve; a smart alec like you shows up and drinks the whole darned drink.”