Chicago, IL (PRWEB) January 22, 2014
Peoples Home Equity was happy to see the mortgage applications rise 4.7% for the week ending January 17th. The data sends a message to lender and home buyers alike that demand from non-investors is swinging back.
The Mortgage Bankers Association released weekly mortgage applications survey today, January 22nd, which posted a rise for the 3rd consecutive week. Lenders, Weekly mortgage applications have previously declined 16 times in the past 24 weeks. Today's 3rd consecutive increase shows a new trend positive may be forming, which signifies a possible end to declining business for lenders.
As for the “refinance share of mortgage activity increased to 64 percent of total applications, the highest level in a month, from 62 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7 percent of total applications.”
Peoples Home Equity thinks the data sends a strong message to prospective home buyers to apply for a home loan now, especially since mortgage rates have not risen to new highs…yet. The Mortgage bankers Association also released is weekly 30 year fixed rate today at 4.57% for January 17th; the rate was previously 4.66% the prior week, ending January 11th. However, if the Federal Reserve continues to taper its quantitative easing program, which it plans to do, then mortgage rates are expected to rise further. Mortgage rates have not been as low as 4.57% since November 2013 which means readers should see this moment as an opportunity to apply now and avoid both high rates and real estate prices in the future.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300.