Mortgage Applications Bounce Back, Up 5.3%
The number of mortgage applications are back on the rise again after a monthlong decline in filings, according to the Mortgage Bankers Association.
Mortgage applications increased 5.3 percent the past week, with most of the increase attributed to a surge in applications for government loans. Government loan applications increased 17.6 percent.
“Purchase application volume jumped last week largely due to another sharp increase in applications for government loans,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Borrowers were likely motivated to apply for loans before the scheduled increase in FHA insurance premiums.”
The seasonally adjusted purchase index rose by 10 percent, while applications for refinancing increased 2.7 percent from the previous week, MBA reports.
“Refinance activity increased somewhat, as rates dropped to their lowest level in a month towards the end of the week,” Fratantoni said.
Source: “Mortgage Applications Rose 5.3% After Month-Long Decline,” HousingWire (April 20, 2011)
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When your mortgage application is rejected.
Don’t be surprised if your friendly lender, the one who invites you to sit down and apply for a mortgage, ushers you politely out the door empty-handed after you’ve chatted a bit.
The sudden chill isn’t personal. The Mortgage Bankers Association, or MBA, in Washington, D.C., estimates that about half of all mortgage applicants are now being turned down. Though refinancing approvals remained static, the acceptance rate on mortgage applications suffered a 10 percentage-point drop, from 63 percent in the first half of 2007 to 53 percent in the first half of last year, according to mortgage data tracked semi-annually by the association. Since then, further tightening of credit standards means at least half of mortgage-seeking consumers can’t squeeze through to acceptance, says MBA spokeswoman Carolyn Kemp. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
When your mortgage application is rejected.
Bankrate.com updated 3:14 p.m. ET, Sun., March. 22, 2009 Don’t be surprised if your friendly lender, the one who invites you to sit down and apply for a mortgage, ushers you politely out the door empty-handed after you’ve chatted a bit. The sudden chill isn’t personal. The Mortgage Bankers Association, or MBA, in Washington, D.C., [...]