The mortgage market, also known as the housing market is getting better. There have been some improvements in the number of applications for home loans. This is great news. This means that there is still hope for homeowners and first-time buyers. There is light coming from the end of the tunnel.
For months, homeowners have seen the housing prices get higher and higher. Nonetheless, it seems that the page is finally turning for the better. According to the Mortgage Bankers Association, for the week that ended May 2, the amount of applications for home loans increased 5.3% on a seasonally adjusted basis compared to the week before that. There was a 6% index gain on an unadjusted basis.
Things are looking better for the mortgage market. More people are refinancing their homes. More people are purchasing homes. There was a 2% increase in the refinance index and a 9% increase in the purchase index from the previous week.
Mike Fratantoni is the Mortgage Bankers Association’s chief economist. He stated, “It is official: We are in a majority purchase market for the first time since 2009. A sizeable increase in purchase applications last week likely reflected the impact of somewhat lower mortgage rates as well as continued growth in the job market…”
The mortgage rates have been decreasing little by little, making it more possible for homebuyers to purchase or refinance their homes. On average, the interest rate for a 30-year fixed-rate mortgage was to a low 4.43%; that’s the lowest rate seen since November of last year. On the other hand, the average interest rate for a 15-year fixed-rate mortgage is 3.52%.
The growth and improvements of the mortgage market should be celebrated. This could be the beginning of some major economic growth. If you live in Delray Beach, Pompano Beach, or Boca Raton and you are planning to purchase or refinance a home, you can speak to a professional home mortgage expert for further advice. The mortgage brokers at Ace Mortgage Loan Corporation can help you obtain a home loan. Ace Mortgage Loan Corporation is a mortgage company in Coral Springs. They provide knowledgeable home financing advice as well as other mortgage services that deal with mortgages, FHA loans, private equity, Fannie Mae and Freddie Mac, and VA home loans. Take advantage of these record low interest rates. Call Ace Mortgage Loan Corporation today.