Healthy Market Conditions Continue

Mortgage application data just came in from the Mortgage Bankers Association, and refinances dropped slightly for the week by 8%, but are still up almost 170% for the year.  Home purchase applications were down by 4% last week, but are still up 2% this year.  Tighter inventories have made it harder for buyers to find homes, but the demand is still certainly there.

On the home appreciation front, we are seeing that appreciation levels are still strong.  The Federal Housing Finance Agency (FHFA) has reported that homes with conforming conventional mortgages have appreciated across the nation by 4.8%.  The S&P Case-Schiller Home Price Index, which analyzes single family homes, showed that homes across the nation have appreciated by 3.1%.  Both of these reports have mitigated slightly, but they are still at very strong and healthy levels.

When looking at the current market conditions, this is a great time to take advantage of historically-low interest rates to either purchase or refinance a home.  Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.

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Mortgage Applications Continue to Increase!

Mortgage Application are on the rise.  The Mortgage Bankers Association released their weekly mortgage data and mortgage applications jumped 21.7%.  Applications to purchase a home increased by 2% and are now up 10% over the last twelve months.  Refinance applications rose 37% and are up, incredibly, by almost 200% over the last twelve months!

As you can see, many consumers are taking advantage of the current market conditions by purchasing or refinancing their homes.

If you haven’t taken advantage of rates yet, this is the time!  Many forecasts are looking for national home value appreciation levels to be around 5% over the next twelve months.  Strong appreciation and low interest rates are the secrete elixir to create wealth. 

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30 Second Update:  Mortgage Rates Hit 3-Year Lows/Demand for Housing Increasing

According to Mortgage News Daily, for the week ending August 2nd, rates on 30-year fixed mortgages have reached 3-year lows.  Current rates are the lowest since November 2016.  Freddie Mac Chief Economist Sam Hater stated, as mortgage rates continued to hover near 3-year lows, purchase demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017.  Khater went on to say, “while the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate to higher home sales in the 2nd half of this year.”

In addition to purchases, refinancing right now could not be more opportunistic for current homeowners.  According to a study by Black Knight, based off current market rates, there are nearly 10 million borrowers that could lower their current mortgage rate by .75% by refinancing right now.  The average borrower would save $267 per month via a refinance, resulting in a whopping $96,000 in savings over the course of a 30-year mortgage.

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Pending Home Sales are Still Strong and Homes Continue to Appreciate

The National Association of Realtors (NAR) reported that Pending Home Sales, which reports on signed contracts, has increased from 1.1% to 2.8% for the month of June.  The index associated with this report was released at 108.3 which jumped from May’s 105.4.  Any level over 100 is seen as very strong and expansionary.  Again, since this reports on just signed contracts and not closed deals, this is a great indicator of future existing home sales.  A jump like this points to the fact that there is continued demand for existing homes.  Even though homes are appreciating in price, very favorable interest rates are helping to keep monthly payments affordable and homeownership very attractive.

Speaking of home price appreciation, Case-Shiller reported that for the month of May, national home prices rose by 3.4% annually. This is down slightly from its last report for April of 3.4%, but still a very strong number.  There are certainly pockets of higher or lower appreciation, but it is evident when inventories tighten up and demand stays strong, homes increase in value. 

With the current market conditions, we need to analyze each market, factor in these aggressive interest rates and determine the estimated amount of wealth that is to be made on each transaction.  Please contact your Advisors Mortgage professional today to start working the numbers and to learn the true value behind your very important transaction. 

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30-Second Update:  Sellers Earning More on Home Sales & July Interest Rate Cut Likely

According to data provided by Redfin, home prices rose for the third consecutive month in June.  The data indicated that US home prices reached a median value of $321,200, which is 3.4% higher from a year ago.  Capitalizing on their home’s appreciation, on average, home sellers saw a 33.9% return on their investment in the second quarter of 2019, according to the latest report from ATTOM Data Solutions.  That percentage translates into $67,500 profit on their home’s sale.  This is up from last quarter, where the average return was 31%.

Analysts believe there is a 77.5% probability that the Federal Reserve will cut interest rates at their next meeting on July 30th and 31st.  While it is widely expected that the rate cut would be .25%, analysts believe there is a 20% chance that the Fed cuts rates by .50%.  A cut to interest rates would be a welcome benefit to buyers looking to purchase a home during what is widely considered an ultra-low interest rate environment.  Current homeowners who are looking to refinance their current homes, or take cash-out via a cash-out refinance would also reap the rewards if the Fed decides to cut interest rates.

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