Purchase Loan Applications Are On The Rise!!!

There has been a lot of excitement and activity in the mortgage world ever since the United States elections wrapped up.  According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, for the week ending November 18, 2016, mortgage applications to purchase homes “increased 13 percent compared with the previous week and was 11 percent higher than the same week one year ago.”
This rise in mortgage applications is likely due to the increasing mortgage rates consumers have been seeing in the post-election market. It’s driving homebuyers to lock down their mortgage rates now, for fear of the rates climbing any higher, though it’s worth mentioning that the rates are still low by historical standards.
Only time will tell if the rates will steady out or continue to climb but for now, it looks like homebuyers prefer to play it safe now rather than take a gamble.

By | 2018-05-04T02:41:32+00:00 November 23rd, 2016|Home mortgage loans|Comments Off on Purchase Loan Applications Are On The Rise!!!

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