Mortgage application data just came in from the Mortgage Bankers Association, and refinances dropped slightly for the week by 8%, but are still up almost 170% for the year. Home purchase applications were down by 4% last week, but are still up 2% this year. Tighter inventories have made it harder for buyers to find homes, but the demand is still certainly there.
On the home appreciation front, we are seeing that appreciation levels are still strong. The Federal Housing Finance Agency (FHFA) has reported that homes with conforming conventional mortgages have appreciated across the nation by 4.8%. The S&P Case-Schiller Home Price Index, which analyzes single family homes, showed that homes across the nation have appreciated by 3.1%. Both of these reports have mitigated slightly, but they are still at very strong and healthy levels.
When looking at the current market conditions, this is a great time to take advantage of historically-low interest rates to either purchase or refinance a home. Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.
We Are Happy To Help” Call us at 855-LOANS-USA or visit us at AdvisorsMortgage.com
Sources:
https://www.fhfa.gov/
https://bit.ly/2MHUl2r
By: Jon Iacono