Some people are still looking for loans, I guess.
During the week after Thanksgiving, mortgage application volume rose 22.5 percent on a seasonally adjusted basis to 791.8, recovering significantly from a holiday slowdown.
On an unadjusted basis, applications rose 51.5 percent and were up 24.2 percent from the same week in 2006.
This week’s rising numbers appear to be at least partially in response to falling interest rates.
* 30-year fixed-rate mortgages decreased to 5.82 percent from 6.09 percent
* 15-year fixed-rate mortgages decreased to 5.38 percent from 5.69 percent
* 1-year ARMs increased to 6.28 percent from 6.24 percent
Loans taken out by owners wishing to refinance into lower rates increased considerably.
On a somewhat related note, economically, Automated Data Processing released figures showing the private US economy added 179,000 jobs during the month of November.
That’s encouraging.
Unless you were waiting for lower interest rates.
Ha!
Mortgage Volume Soars After Thanksgiving – Mortgage Bankers Association, by way of Realtor.org
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Updated: 1st Q 2018
