Peoples Home Equity views this positive change in mortgage applications as turning the page for housing from winter seasonal slump to spring buying activity.
Chicago, IL (PRWEB) March 27, 2015
Lenders like Peoples Home Equity were relieved to see that national weekly mortgage applications changed considerably for the better for the first time since late January.
As shown on TradingEconomics.com, weekly mortgage applications increased 9.5% for the week ending on March 20th. This report really turned up the trend in both the 8 week and 4 week average for mortgage applications.
Prior to this report, the 8 week average was -4.08% and the 4 week average was -2.15%. Now, the 8 week average is just -2.5% and the 4 week average improved into positive territory at 1.1%. Peoples Home Equity views this positive change in mortgage applications as turning the page for housing from winter seasonal slump to spring buying activity.
Apart from the number of applications submitted, the seasonally adjusted Purchase Index increased 5% from a week earlier; this was the highest reading since January. Also, the refinance index increase 12% from the previous week.
In terms of rates, for a 30-year fixed mortgage with a balance of $417,000 or less, average rates decreased to just 3.9%, which is the lowest level since February 2015.
With mortgage rates this low and anxiety over what the Federal Reserve will do next regarding mortgage rates, People Home Equity expects a continuation of positive weekly changes in mortgage applications. Many Americans are still finishing their 2014 tax reports, but once they are completed, many individuals should be applying for loans. America’s youth are especially eager to purchase a property as the total cost of a mortgage + HOA fees + property taxes is often less than paying rent! In addition, youth understand the opportunity being given to them, with low rates and peak adorable listing prices.
If you are in need of a mortgage, consider speaking to a Peoples Home Equity loan officer today at: 262-563-4026