After a slow December, the Mortgage application volume is off to a great start in January. Up 13.5% from last week and up 23% the previous week. We saw that that many buyers were on the sidelines as the rates were rising over the holidays. However, now there is a steady decline in rates that may be adding to the increase in volume at the turn of the year. “Uncertainty regarding the government shutdown, slowing global growth, Brexit, a more patient Fed and a volatile stock market continued to keep rates from increasing,” said Mike Fratantoni, MBA’s chief economist. “The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market.”
As we gear up for a potential busy spring market, it is important to get pre-approved for financing BEFORE you begin your search. We are here to help 24/7 and can answer any questions that you may have. Call anytime!