The percentage of refinance loans increased to 55% in March, with growth occurring across every type of loan. The average interest rate for 30 year fixed rate loans in March was the lowest it has been since January of 2013.
With most of the USA on lockdown due to the Coronavirus pandemic, according to the Mortgage Bankers Association (MBA) mortgage application activity remains strong in early March.
There is a multitude of information on every media outlet about the coronavirus impact on our lives and businesses. And there is a lot of misinformation included in some of what we are reading and hearing.
According to a February 12, 2020 article, written by Jann Swanson for Mortgage News Daily, “Refinancing was up for the third straight week, adding 5 percent to that index which is now 207 percent higher than on an annual basis. The share of applications that were for refinancing grew to 65.5 percent; 1 percentage point higher than the prior week.”
The professional mobile notaries at Notary Near You have chosen a career in the Real Estate industry, so we spend time researching current trends that may affect our customers.
Millennials have a different approach to life than previous generations, including how they view the home buying process.
According to an article by Matthew Graham for Mortgage News Daily, “the jobs report has a more consistent track record of causing big market movement than any other piece of economic data”. He further states “the underlying bond market improved throughout the day and held onto that improvement, resulting in lenders offering lower rates”.
Fannie Mae’s November National Housing Survey rose 11 percentage points to a net of 32 percent, 9 points higher than in November 2018 and its highest point since March 2018.
Want a peak into the 2020 housing market? An article from CalculatedRiskBlog.com provides a convenient table that combines 2020 housing forecasts from Fannie Mae, Freddie Mac, and NAHB.
According to industry reports September and October reflected an improving residential construction industry, with an expectation that the trend will continue through year-end.