Mortgage Applications Being Released Soon
Lenders like Peoples Home Equity are eagerly waiting for the announcement of today's mortgage application report from the Mortgage Bankers Association for the week ending on December 12th.
The last report was very positive, showing a 7.3% surge in applications for the week ending on December 5th. Peoples Home Equity believes the housing market is going to outperform this winter relative to 2013. As more Americans are employed national credit scores are rising. More individuals are qualifying for loan and they are eager to purchase a home. Frequently paying for a mortgage + HOA fees + property taxes + utilities is less expensive than paying for rent! Why give someone else money per month when one can pay less for their own property, and have the opportunity to experience price appreciation. The youth in American understand this concept which is why 2015 is set to be a big year for young first-time home buyers. Student debt has been holding back many would-be home buyers which are nearly entirely first-time home buyers, but thanks to newly found employment and higher wages, taking on a mortgage is now manageable for many.
Peoples Home Equity believes the applications report will positive since 30-year fixed mortgage rates declined from 3.94% on Dec 5th to 3.85% on Dec 12th, as shown in the “Daily Mortgage Rates” page on MortgageNewsDaily.com.
This week has also experienced a continuation of falling mortgage rates, closing at 3.8% on Dec 16th. If the current downtrend continues into Dec 19th, Peoples Home Equity would not be surprised to see a series of three back to back increases in mortgage applications.
On a final note: a decline in interest rates, a fall in oil prices, and unemployment at pre-crisis lows is a great omen for the American wallet. Now is the time to apply for a home loan and get approved with the confidence that home prices will continue higher.
If in need of a mortgage, contact a Peoples Home Equity loan officer today at: 262-563-4026