Keep ‘Em Coming – the Roller Coaster of Mortgage Applications
These past two weeks, mortgage applications have been steadily increasing – by 13.5% to be exact.
According to the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey, applications rose to their strongest level in years.
While the past two weeks showed a 45% increase in applications, it seems as though today, January 23rd, new data has been released. According to the Mortgage Bankers Association’s seasonally adjusted index, applications fell 2.7% compared to the previous weeks.
Mike Fratantoni, SVP and Chief Economist at MBA explains, “Uncertainty regarding the government shutdown, slowing global growth, Brexit, a more patient Fed, and a volatile stock market continued to keep rates from increasing.”
Mortgage breakdowns as of Monday morning can be seen below:
30-year fixed mortgages: average rate is at 4.62% – up .01% from Monday.
15-year fixed mortgages: average rate is at 3.73% – up .02% from Monday.