With most of the USA on lockdown due to the Coronavirus pandemic, according to the Mortgage Bankers Association (MBA) mortgage application activity remains strong in early March.
Mortgage Activity Remains Strong During Coronavirus Outbreak
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The Impact of Coronavirus on the Housing Market
There is a multitude of information on every media outlet about the coronavirus impact on our lives and businesses. And there is a lot of misinformation included in some of what we are reading and hearing.
Refi Applications Hit Seven-Year Highs
According to a February 12, 2020 article, written by Jann Swanson for Mortgage News Daily, “Refinancing was up for the third straight week, adding 5 percent to that index which is now 207 percent higher than on an annual basis. The share of applications that were for refinancing grew to 65.5 percent; 1 percentage point higher than the prior week.”
Interest Rates are at Historic Lows
Mortgage rates were low in January and continued to fall to historic lows in February. According to many sources, now is a great time to refinance a home, or get a great mortgage on a home purchase.
Residential Construction Improves
According to industry reports September and October reflected an improving residential construction industry, with an expectation that the trend will continue through year-end.
Refinance and Save Money on Your Mortgage
If you haven’t refinanced lately, it is time to consider taking advantage of low rates. According to an article on Mortgage News Daily there were over 8 million properties that are considered to be refinanceable in June 2019.
Confidence in Home Purchase at Record High
Fannie Mae’s Home Purchase Sentiment Index (HPSI) hit a record high in July 2019, according to an article on FannieMae.com. They state that the increase results from “Confidence About Not Losing Job” as well as other factors.
Considering a Cash-Out Refinance?
A cash-out refinance provides you access to the increased equity value of your home. With low interest rates this can be an attractive option to many homeowners.
Mortgage Rates Dropping To Lowest Point In More Than A Year
Many key factors affect mortgage rates, with global financial market trends leading the indicators. Rates dropped quickly this week according to this article: Mortgage Rates Drop Quickly as Market Panic Sets In, written by Matthew Graham, dated May 23, 2019.
Some Homes Are More Interesting Than Others
What makes a residential property interesting to you may be quite different than what makes a property interesting to your friends, family, neighbor or co-worker. We aren’t talking about your typical home, we’re talking about uniquely interesting homes. Maybe who owns it or owned it makes it interesting, like the homes of the rich and famous. Maybe the original architect is notorious. Or maybe there is some other surprise that makes a home unique.