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Friday, April 25, 2014

Mortgage Lending at Lowest Levels in 14 Years

The refinance market has pretty much dried up with many American homeowners still underwater on their mortgages. Home buyers are having a tough time finding a house with low property inventory. Other potential house hunters have been priced out of the market because of the rise in mortgage rates. While other people simply sit on the mortgage sidelines because they are unemployed or under employed.

A recipe to make mortgage lending at the lowest level it has been in the past 14 years. The low lending activity is the result of the recent spike in mortgage rates coupled with an extremely low housing inventory and a scarce job market.
3D Realty Handshake (Photo credit: lumaxart)

Here are some mortgage stats from the week:

This week Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) reported the average rate on a fixed mortgage is higher than the previous week. Freddie Mac stated the cause was due the slowdown in the housing market, and the rise in the 10-year treasury note. 

Freddie Mac’s US Economic and Housing Market Outlook for April revealed that the housing market is a bit unpredictable at the moment. Freddie Mac’s data projects that the 30-year fixed-rate mortgage may be on the rise which will in turn affect springtime home buyers.

The Mortgage Bankers Association (MBA) reported mortgage applications fell 3.3% on Friday, April 18, 2014 from the previous week.
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