Rates may shift higher on any continued signs of economic strength or surge in applications, which may occur this Wednesday morning.
Chicago, IL (PRWEB) April 02, 2014
Peoples Home Equity is expecting to see a positive announcement Wednesday morning’s weekly mortgage applications survey report. The numbers announced have primarily been negative over the past few weeks, but due to the seasonal selling and warmer temperatures approaching, Peoples Home Equity is expecting to see a surge in application numbers soon.
The Mortgage Bankers Association (MBA) will release its weekly mortgage applications survey report Wednesday, April 2nd. Readers have been negative for 6 of the past 9 weeks, averaging -1.15% for each announcement. Actually, applications have declined on average by -0.83% over the past 24 week, but this is to be expected during the winter period, especially in the Midwest. However, with spring upon us, one may assume that the lending market is anticipating demand to resume soon as 30 year fixed mortgage rates have already increased from 4.33% on March 3rd to 4.54% on April 1st, as shown on MortgageNewsDaily.com. Peoples Home Equity thinks this recent increase in rates is twofold. First, the equity markets are trending near all-time highs and as the economy improves rates tend to follow. Second, the Federal Reserve continues to stay the course tapering its quantitative easing policy by $10 billion a month. The combination of these two factors has kept both interest rates and mortgage rates on a positive incline. Peoples Home Equity has been informing its current mortgage applications that they are applying at a good time. Rates may shift higher on any continued signs of economic strength or surge in applications, which may occur this Wednesday morning. The lender encourages all readers to stay current with mortgage news, and especially economic announcements as they influence both the state of the housing market and the level of mortgage rates. Thus, stay tuned for tomorrows MBA weekly mortgage applications report.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: (855)-897-0300.