Mortgage Application Volume Down
For the second consecutive week, mortgage application volume faltered slightly, dropping 0.6% from the week prior. Home mortgage loan purchase applications fell 2% from the week prior but remained 26% higher than they were this time last year. Refinance volume stayed consistent this week and reached a level that was 74% higher than this time in 2019. The FHA’s share of mortgage apps increased to 11.8% from 10.7%. The VA share of applications fell to 12.6% from...Hidden Hazards Increasing Your Insurance Costs
When you’re looking for a new home, the price of homeowner’s insurance typically isn’t top of mind. However, certain hidden risks can make getting coverage more difficult or expensive for new homeowners. Below are some things to consider, especially for first time home buyers. How close are you to a fire hydrant or fire station? Being in close proximity to a fire station with wide roads for easy access could make your home easier to insure. Is your wiring, heating system, and plumbing outdated? If any of the previous listed features are old or outdated, busted pipes and leaky water lines could result in serious water damage. Installing a whole-house water monitoring system may save you money on your homeowner’s insurance. Is your home located in a state that experiences earthquakes? According to a U.S. Geological survey, sixteen states are at high risk for earthquake damage that is typically not covered in homeowner’s insurance policies. Certain types of homes are also at higher risk of earthquake damage, including many homes built before 1980....Mortgage Application Volume Sees Dip Despite Low Mortgage Rates
Mortgage application volume stayed relatively stagnant this week but did see a small decrease, down 0.7% from the week prior according to a report from the Mortgage Bankers Association. After hitting their highest levels since mid-August the week before, refinance volume experienced a slight 0.3% decrease this past week, but still remained 44% higher than this time last year. Almost 2/3 of home mortgage loan applications were for refinances in this last seven days. The FHA’s share of mortgage applications fell to 10.7% from 11%. The VA share of applications rose to 13.4% rom...Home Mortgage Loan Application Numbers Up
After falling 4.8% the week prior, mortgage applications numbers have almost completely rebounded last week, gaining 4.6% according to a report from the Mortgage Bankers Association. Numbers in the refinance market also rose 8% hitting its highest levels since the middle of August, while making up 65.4% of total mortgage applications. Year-over-year purchase applications are un 21% marking the 20th straight week of year-over-year gains. The FHA’s share of mortgage applications fell to 11% from 11.4%. The VA share of applications rose to 12.2% from...Connect With Us
