Chicago, IL (PRWEB) April 02, 2014
Wednesdays Weekly mortgage applications survey report from the Mortgage Bankers Association unfortunately posted another week over week decline. The new was disappointing for Peoples Home Equity, a mortgage lender; the numbers were easy to accept as the decline was not anything severe. The day, however, ended on a positive note as the ADP Research Institute announced a monthly increase in jobs for March.
The Mortgage Bankers Association started off Wednesday mornings economic announcement with a -1.2% decline in mortgage applications for the week ending on February 28th. While Peoples Home Equity was hoping to see a rise in applications, home selling season seems to have not arrived just yet to attract applicants. The Midwest, where cold weather is a more prevalent factor in determining home shipping has warmed but still remains near freezing. Home sellers do not have the chance to gloss up their homes with perennial flowers around the façade. This minimal decline in mortgage applications was easy to accept given that a future surge in numbers could completely offset the sluggishness recorded over the past 4 weeks.
After the mortgage applications numbers were released, the ADP institute announced that jobs increased by 191,000 in March 2014. This is a 7.3% increase over February, and the 2nd consecutive increase since January. Peoples Home Equity thinks this new bodes well for the proceeding initial jobless claims report being announce Thursdays morning on April 3rd. Initial claims continued their decline in March posting near record low numbers for since December 2012. Prospective applicants should be aware that if or when applicants surge that mortgage rates may all rise more than they already have been. Peoples Home Equity believes that individuals who are determined to purchase a home this summer should at least apply and get approved for a fixed rate mortgage before rates may rise even higher!
Overall the economic picture looks positive for housing. Mortgage applications have not decline much which is good given that seasonal demand should be just around the corner. Meanwhile, in March more Americans became employed and less numbers requested jobless benefits. This translates into a population that is earning and having the ability to at least apply for a home loan. Prospective applicants should be aware that if or when applicants surge then mortgage rates may trend higher than they already have. Peoples Home Equity believes that individuals who are determined to purchase a home this summer should at least apply and get approved for a fixed rate mortgage before rates may rise even higher!
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: (855)-897-0300