prospective buyers should see the current market environment as an enormous opportunity to purchase a property with financing on the cheap.
Chicago, IL (PRWEB) February 05, 2015
Peoples Home Equity, a national home lender, awaits the pending announcement of weekly mortgage applications for the week ending on January 30th.
On Wednesday morning the Mortgage Bankers Association(MBA) will post its weekly survey of mortgage applications. Peoples Home Equity expects a rise in applications as mortgage rates have been very affordable. Refinance activity will continue to dominate the number of applications; however, Peoples Home equity is optimistic on the number of purchase loan applications moving forward.
In addition to mortgage applications, the Mortgage Bankers Association will also report how mortgage rates performed during the same week. Peoples Home Equity expects to see the lowest mortgage rates reported for 2015. Last week the MBA reported the average contract mortgage rate on a 30-year fixed interest loan (with 20% down payment) was 3.83% up from 3.80% two weeks prior. Peoples Home Equity would not be surprised if the MBA reports a mortgage rates as low as 3.65% for last week.
Regardless of the weekly change in mortgage applications and the performance of mortgage rates, Peoples Home Equity thinks prospective buyers should see the current market environment as an enormous opportunity to purchase a property with financing on the cheap. Even if mortgage rates rise in the near term they will remain below the historic average. The future will bring higher rates as the economy continues to grow. More Americans will apply for loans and get approved as their savings rise for a down payment and their credit score improve all thanks to higher national employment. A higher number of Americans approved for a home loan means higher home prices due to a larger pool of approve home buyers bidding on real estate. One way or another now is the best time to apply for a home loan, even to find out if one is eligible or will be given the amount of funds necessary to afford the listing price of a desired property.
If in need of a mortgage, contact a Peoples Home Equity loan officer today at: 262-563-4026