With interest rates falling for the sixth straight month, homeowners continued to grab the chance to purchase or refinance in June.
Good morning, i'm jeff farnham ?
With interest rates falling for the sixth straight month, homeowners continued to grab the chance to purchase or refinance in june.
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According to ellie mae, we are seeing a rebound in the purchase market which represents 42 percent of all closed loans while refinances represent 58%.
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The mortgage bankers association's survey also showed that the new home purchase market is making progress toward a lively home-buying summer season.
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The survey showed that overall mortgage applications were 54 percent higher than last year for new home purchases.
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Applications surged 20% in june alone.
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These numbers reinforce the fact that home-buying activity that was delayed by the pandemic in march and april is just being realized later in the season.
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The fact that applications are up over 50% from last june reinforces that point even further.
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Mba estimates the new single- family home sales is at the strongest levels of activity since january.
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And depending on the loan type, basis points dropped anywhere from 2 to 4 points for a 30-year fixed mortgage.
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Lower interest rates are also fueling home- buying demand.
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Because of this housing is expected to lead an overall economic recovery.
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As existing home inventory remains low, builders are seeing strong interest in new construction.
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According to the latest national association of home builders, builder confidence in the market for newly built single- family homes spiked 14 points in july already.
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The housing market index now stands at the pre- pandemic reading it posted in march and rose 10 points in the south alone.
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Needless to say, the housing market is going strong moving into the late summer months.
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If you are looking to purchase or refinance a home, jts & co.
Wants to be your first call.
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In these unprecedented times of time off from work due to covid-19, forbearance, or other special circumstances with employment and income, it's important to work with someone that has a reputation of trust and experience on their side.
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At jts & co.
We enjoy helping families become homeowners.
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But there is more to getting a mortgage than just pushing a button.
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On a weekly basis we have calls from customers who have started with a national lender, thinking it would be quick and easy, only to find themselves frustrated and confused 30 to 45 days into the process.
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Understanding your needs and goals is paramount in determining the best way to structure your loan.
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When you sit down with a mortgage advisor at jts & co, we review this type of information with you and look for the best option to fit your specific scenario.
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Your long-term goals are a huge factor in the best way to structure your loan.
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Jts & co.
Is local, trusted, and experienced and we want to be your lifetime mortgage advisor.
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Give us a call to discuss your situation today!
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In today's Mortgage Minute, Jeff Farnham of JTS & Co. Mortgage Professionals talks about how consumers are returning to the..
