The Refinance Index performed even better with an 11 percent increase from the previous week
Chicago, IL (PRWEB) June 12, 2014
On Wednesday, June 11th, Peoples Home Equity saw what it was expecting to see this entire spring, a huge rise in mortgage applications. As reported by the Mortgage Bankers Association on Wednesday, mortgage applications rose an astonishing 10.3% for the week ending on June 6th. This rise in applications is the highest number since the beginning of March.
The Refinance Index performed even better with an 11 percent increase from the previous week. As for the share of refinance activity, it increased to 54% from 53% the week prior. The purchase index also performed well with a 9% rise.
The interest rate on a “30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.34 percent from 4.26 percent, with points increasing to 0.16 from 0.13.” As for 30-year Jumbo loans with balances of 417,000 or more rates “increased to 4.27 percent from 4.22 percent.” FHA loans climbed back up to 4.06% after settling at 3.99% for the week prior.
Peoples Home Equity does not expect to see such a large rise in applications over the next few weeks. However, the lender believes a net rise in applications will build up in the following months. Mortgage applicants are reacting quickly to warmer weather. Indeed applicants know that both home prices and sales are rising raising the chances of mortgage rates increasing accordingly. Individuals watching rates float in hopes of a more affordable mortgage saw a good opportunity on Wednesday. Rates declined for 30-year fixed, Jumbo, 15-year fixed, and 5/1 ARM’s on Wednesday as shown on MortgageNewsDaily.com's "Daily Mortgage Rates" landing 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.