Mortgage Applications Decreasing This Week
Is the economy reaching another downslope? Apparently there is a slight decrease in mortgage application volumes this week, compared to previous weeks. When people request less mortgage applications it may reflect a stable monetary market, or a market were consumers have better investment routes for their money.
Check these insights about mortgage application deceasing during the last weeks of November 2012. Mortgage Bankers Association’s (MBA) shared these stats according to their survey:
WASHINGTON, D.C. (November 21, 2012)— Mortgage applications decreased 2.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 16, 2012. This week’s results include an adjustment to account for the Veteran’s Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index decreased 11 percent compared with the previous week and was 6 percent lower than the same week one year ago. Read more..
Refinance Mortgage Application Unchanged
Fox Business has covered these news too:
The share of applications filed to refinance an existing mortgage was unchanged from the prior week at 81% of total applications. Adjustable-rate mortgages, or ARMs, increased to 4% of total activity.
The average rate on 30-year fixed-rate mortgages with conforming loan balances increased to 3.54% from 3.52% in the previous week. Rates on similar mortgages with jumbo loan balances dropped to 3.75% from 3.83% a week earlier. The average rate on 30-year fixed-rate mortgages backed by the Federal Housing Administration, or FHA, edged up to 3.36% from 3.34% in the prior week.
The average rate for 15-year fixed-rate mortgages rose to 2.89% from the prior week’s 2.88%. The 5/1 ARM average rate climbed to 2.62% from 2.6% a week earlier. Read more
So What Should Be Your Next Move?
If you will do nothing.. don’t expect anything to happen. You must bump your credit score up! It will give you better leverage when facing the lenders, and better negotiation position when applying for any financial need.
Lets not forget you are probably paying $500-$1000 extra per year in higher interest rates, and credit payments.
If your score is below 700, you might want to clean it yourself – get this ‘Credit Repair University’ which will save you money and time.
Yes, you might need to invest a small sum to get a grip of things.. But if you think education is expensive.. try ignorance..
You are probably paying thousands of dollars per year in fees and interests to credit companies which could be going straight to your pocket. Don’t be cheap when it comes to financial education.. Ignorance costs more.