Chicago, IL (PRWEB) May 06, 2014
Peoples Home Equity is looking forward to Wednesday, May 7 to see the weekly mortgage application numbers posted on TradingEconomics.com The figures will be telling of new home sale demand as well as where mortgage rates may move next.
Over the past 17 weeks mortgage applications have averaged -0.33%. The negative week over week bias in applications is because declines have been recorded for 11 of the past 17 weeks. The last report showing the change in mortgage applications ending the week of April 25th showed a -5.9% decline which was the worst since a -8.5% decline in February. As the unemployment rate continues to fall, confidence should grow among Americans earning stable income. This should lead to a rise in mortgage applications.
Thus far, weekly mortgage applications have been in a slump since the winter yet weekly home sales, as shown in DQnews.com’s “National Home Sales Snapshot” have continued higher over the past 5 weeks. The discrepancy is because while seasonal demand has returned to the market, it is as strong as in the past. Peoples Home Equity does not expect this to continue. A new group of indidivduals push the next leg of home prices/sales higher and it will be first-time homebuyers since investors also cannot make up the large pool of homebuyers forever. Thus, lenders will need to soften their loan standards to service the ever growing number Americans almost able to afford a home due to their newly obtained jobs.
People Home Equity encourages all prospective homebuyers to visit their website and try their home loan calculators to see if one is able to afford a mortgage right now. If so, Peoples Home Equity can qualify someone for a mortgage immediately with their “Quick Qualifier” box shown in blue on the right side of nearly every screen page.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026