Americans are showing a renewed interest in refinancing their mortgages and purchasing new homes according to this morning’s Market Composite Index, released by the Mortgage Bankers Association (MBA).
The Index, which measures and compares mortgage loan application volume from week to week, showed that for the week ending November 7 mortgage activity jumped 11.9 percent from the previous week’s numbers. The number of refinance applications posted a 16.1 percent gain, while consumers looking to purchase a home increased 6.5 percent.
The report also showed that the Government Purchase Index, which is comprised largely of FHA loans, increased by 15.3 percent.
According to Bob Walters, Chief Economist for Quicken Loans, many consumers are looking to fixed-rate loans to provide payment security in the midst of the ongoing stock market troubles.
“With so much turmoil taking place in the markets, we are seeing many consumers looking at their financial situation and making moves to make sure they can have stability in their monthly mortgage payments,” Walters said. “As has been the trend for some time, fixed rate mortgages – especially fixed rate FHA loans – have really become popular with consumers thanks to the payment security they offer.”
“Additionally, the supply of affordable homes currently for sale, and being discounted in an attempt to sell prior to winter’s arrival, is spurring strong home purchase financing activity,” Walters added.
Related Info
- Find the loan option that’s right for you.
- Get today’s mortgage rates .
- Learn more about FHA loans now.
3 Ways to Contact Us
- Call (800) 687-0522
- Chat Online Now!
- Get Started Online
WE WANT YOUR FEEDBACK