Another Refinance Wave Boosts Home Mortgage Applications Numbers
With home mortgage rates continuing to hover near record lows, mortgage application volume jumped 3.8% last week according to a report from the Mortgage Bankers Association. Refinance activity rose 6% from the previous week marking a level over 88% than this time last year. Refinance share’s of the application volume accounted for 68.7% of total applications this past week while we saw a small dip in purchase applications, falling 1%. Purchase applications are still 25% higher than the same week a year ago. The FHA’s share of applications fell to 11.1% from 11.7%. The VA share of applications increased to 12.2% from...Home Mortgage Loan Application Volume Rises Again
After two weeks of slight declines, mortgage applications regained their footing last week, rising 1.7% from the previous week. The refinance numbers led this rebound by increasing over 3% from the week prior. Refinances are now making up 66.7% of mortgage application volume. Purchase applications rose only 0.2% this past week, but remained 24% higher than this time last year. The FHA’s share of mortgage applications fell to 11.7% from 11.8%. The VA share of applications fell to 11.4% from...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 Is your wiring, heating system, and plumbing outdated? If any of the previous listed features are old or outdated, busted pipes and leaky water lines could result in serious water damage.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...Connect With Us
