According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were relatively flat last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages.
Despite this, however, demand for mortgage applications was down 4.1 percent from the week before. Michael Fratantoni, MBA's chief economist, told CNBC the drop could be evidence that first-time buyers are having trouble finding homes this spring. “The survey saw relative weakness in the growth of government application volume, suggesting that many potential first-time buyers remain on the sidelines due to the lack of entry-level homes on the market,” Fratantoni said. A lack of affordable inventory in some markets has been credited with holding back home sales this spring, especially among younger home buyers. Overall, though, demand for loans to buy homes is still higher than at the same time last year, up 9 percent as of last week.
The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.
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Author:Tim Stoll Phone: 214-868-2959 Dated: May 18th 2017 Views: 720 About Tim: It’s hard to find another real estate agent in Dallas who is as hard working, honest, educated, ex...
I'm Von Gipson, (Residential MatchMaker). I pair people with the perfect home "Right Size" their life. As a 10 year experienced Licensed Texas Realtor and Naval Veteran I serve families of Collin County in North Texas. I will locate, negotiate, and navigate the Process and Pitfalls of Buying and Selling a home. My decade of unique connections, business savvy and high tech tools put my clients in a position of power whether Buying or Selling.
Prior to becoming a Realtor, I had a very successful career in the Healthcare Industry as a Physician Recruiter. Tasked with locating the best Surgeons across the country, partnering with Hospitals and Operating Centers across the country gave me the opportunity to understand the factors that are apart of making Life Changing decisions and finding the appropriate solutions for all parties. I've negotiated salaries, home purchases, partner packages, and coordinated relocation for my clients. Throughout my time as a Physician Recruiter the "One Thing" I took away is people are fundamentally the same, we are all trying to either Avoid a Loss or Create a Gain and finding the Harmony between the two is where success lies. Your next Home Buying or Selling experience deserves to be Smooth as Silk. Trust Von, I'm smooth as silk.