Mortgage applications increase as buyer activity ticks up
Unless you’re planning on making cash purchase (unlikely in today’s market, that’s for sure), you will probably want to research financing options at the start of your home buying process. Mortgages can range in size and duration, so it’s important you know all of the facts before beginning your home search and submitting a home loan application.
Do you have questions about lending opportunities? At Poli Mortgage Group, we employ experienced loan officers that can assist you in navigating the mortgage process and offer information about our variety of products and services. Having written more than $11 billion in mortgages in our 12 years of operation, we have the experience and resources necessary to help you.
One of the ways in which we assist our client base is by monitoring national mortgage rate averages. As the spring home buying season continues to gain momentum, an increase in loan applications has been observed, and we have welcomed a number of new clients into our family.
The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 7 detailed a 5 percent jump in requests for residential lending. Following several consecutive weeks of declines, the latest data points toward the success of the ongoing housing recovery and illustrates the possibility of additional gains in the future.
The organization reported its seasonally adjusted Purchase Index also improved 5 percent on a weekly basis, even though mortgage rates were seen ticking slightly higher. The average contract interest rate for a 30-year fixed-rate mortgages with conforming loans up to $417,500 was seen at the highest rate since March 2012 during the week, moving up to 4.15 percent from the former reading of 4.07 percent. Meanwhile, 15-year FRMs increased to 3.32 percent from the previous week’s level of 3.23 percent, marking the highest rate since April 2012.
As new evidence of the strengthening national housing market is discovered each week, it becomes increasingly important for you to keep a close watch of mortgage averages. Doing so will allow to you strike while the iron is hot, and capitalize on low rates.
There are a number of websites you can visit to get up-to-date information on home loans, but surfing the Internet can become confusing and feel tedious after a while. If you’re looking to stay current on mortgage news, consider contacting one of our knowledgeable representatives at Poli Mortgage Group.