Residential Purchase Mortgage Applications posted the largest increase since early July, which many sources say is a result of increased inventory and slightly reduced mortgage interest rates.
Residential Purchase Mortgage Applications Increase
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Anticipated Changes from the Federal Reserve
Many people working in the real estate and mortgage industry, as well as those considering buying or selling real estate, are watching the news and reports on expected changes from the Federal Reserve.
CNBC conducted a survey and share the results in this article written by Steve Liesman for CNBC:
Understanding Home Sales Statistics
It is well known that home sales and mortgage loan statistics have reached and surpassed historic performance. With a variety of sources for how these statistics are tracked, it can become confusing to understand.
Interest rates reached a new low in January, resulting in Increased Refinance Mortgage Activity
MortgageNewsDaily.com reports that according to Ice Mortgage Technology (formerly Ellie Mae), in their Loan Origination Report for January, “closed loans continued to show declining note rates in January, dropping from an average of 2.93 percent in December to 2.88 percent” and also includes “Interest rates continued to decline in January, driving up the share of refinances by seven percent,”
Keep Your Eye On: Now
There is a lot of talk and prediction about the future of mortgage interest rates and home sales prices. The variables that lie in the future for both of these topics will happen. What does this mean for those of us who are considering refinancing or purchasing a home? It means that interest rates and home prices may go up or may go down.
Builder Confidence Index Matches All Time Record High
The Builder Confidence Index has been in existence for 35 years as a gauge of Builders confidence in the future of single-family home sales. The Index matched the all time record high from 1998.
June 2020 Hit Historic High Increase in Existing Home Sales
A recent article by CNBC.com provides an excellent overview of the details that report a historic increase in existing home sales in June over May. The key points they present include respected sources like the National Association of Realtors:
Pandemic Affects! April new home purchase mortgage applications down 25% from March
The impacts of the current Pandemic social distancing orders and essential only travel bans has affected all of our lives in different ways.
Refinance Loans Up Because Rates Are Down
The percentage of refinance loans increased to 55% in March, with growth occurring across every type of loan. The average interest rate for 30 year fixed rate loans in March was the lowest it has been since January of 2013.
Virtual Tours, Video-Chat, Digital Loan Services: The New Way To Buy A Home
Should you buy a home during the Covid-19 pandemic, and how can you buy a home when many areas across the nation are under stay-at-home orders.