Weekly Mortgage Applications Announcement Coming Soon

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Peoples Home Equity quickly comments on the weekly mortgage applications survey report before its results are released by the Mortgage Bankers Association Wednesday morning.

Peoples Home Equity expects Wednesday weekly mortgage applications announcement to be neutral to positive.

The Mortgage Bankers Association will soon release its weekly mortgage applications survey results for the week ending on May 30th. Analysts expect the report to show a 0.67% week over week rise in applications. Peoples Home Equity thinks the MBA can surprise with even better numbers than expects given how positive weekly home sales data has been from Dqnews.com’s “National Home Sale Snapshot.”

Readers should note that weekly mortgage applications have increased for 3 of the past 4 weeks. This recent uptrend has been significant considering how stagnant the application market has been this winter. Yes, mortgage applications declined -1.2% two week prior, but this fall may have only been temporary as more Americans may be realizing that interest rates in Europe may be on the verse of rising again. Indeed, rates have been already increasing from their May lows, as shown on MortgageNewsDaily.com today; the rate on a 30-year fixed mortgage has risen for 4 consecutive days up to 4.20%. It was not long ago on May 15th when this rate was just 4.15%. The change may not seem like much but the reality is the situation may get worse for buyers if rates continue higher. For example, if rates increase up to 4.5% again as they did earlier in the year then the difference in monthly loan payments for a $250,000 loan amount from 4.2% to 4.5% is $62.5. This may still not seem like much, but over 30 years it sums up to $22,500.

To see how much a monthly mortgage payment costs, or how much one can save based on different loan rates, refer to the PeoplesHomeEquity.com “Monthly Payment Calculator.” The lenders website also hosts a number of different calculators to help prospective applicants get better informed and become confident in their decision to purchase a property. Calculators include: “How much can I borrow”, “How much do I have to earn?”, and “Bi-weekly mortgage calculator”.

If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026.

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Giorgio U Ferrero
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