Peoples Home Equity expects application volume to continue to rise as mortgage rates remain below 4%.
Chicago, IL (PRWEB) April 29, 2015
Lenders like Peoples Home Equity reviewed today’s mortgage application numbers showing a weekly decline.
As shown on TradingEconoimics.com mortgage applications posted a -2.3% fall for the week ending on Friday, April 24th. This decline is indicative of the initial spring surge in applications taking a pause. One must remember that applications had increased for 4 out of the previous 5 weeks. Year-over-year, mortgage applications are up 34% which shows that the housing market is strengthening.
The average 30-year fixed rate for the week ending on April 24th was 3.85%, up from 3.83% during the week prior. This is just 0.38% above the record low of 3.47% recorded in December 2012.
Thus, Peoples Home Equity strongly encourages prospective mortgage applicants to take advantage of times and get pre-approved for a low rate loan. Peoples Home Equity expects application volume to continue to rise as mortgage rates remain below 4%.First-time home buyers are very eager to purchase a home because the total cost of a mortgage payment + HOA fees + property taxes is frequently less than paying for rent. If unsure how much a monthly mortgage payment may cost, just use PeoplesHome Equity’s “Monthly Payment Calculator.” All that is required to know ones possible payment is the total loan amount, the interest rate, and the loan duration. For example a $100,000 convention loan (after a 20% down payment is made) at a 4% interest rate, for the duration of 30 years would be just $477 per month!
Time is of the essence, especially now since the Federal Reserve is thinking of rising interest rates as soon as June, such an event would rate rates across all loan durations to a higher amount.
If interested in purchasing a property and are in in need of a mortgage, consider speaking to a Peoples Home Equity loan officer today at: 262-563-4026