Posted by GWest on 3/9/11 12:03pm
Msg #375602

Mortgage App's Up!

On the news this morning, they stated that Mortgage Applications are up 15.8%. Let hope so as it has been pretty slow lately.

Reply by Glenn Strickler on 3/9/11 12:39pm
Msg #375607

It would be interesting to see a geographical breakdown.

In the old days, mortgage applications use to pick up this time of year. People looking to move to a new area don't like to move when their kids are in school, so they begin in the spring and move in the summer.

But this ain't the old days.

Reply by JanetK_CA on 3/9/11 1:05pm
Msg #375613

It would also be interesting to know what that percentage increase is compared to... Last year? Last month? Makes a huge difference.

Reply by GWest on 3/9/11 1:43pm
Msg #375620

Found this link

http://www.marketwatch.com/story/week-week-refinancing-applications-rise-158

Reply by JanetK_CA on 3/9/11 2:43pm
Msg #375631

Re: Found this link - Thanks! Good article!

It's important to look at these numbers in context before getting too excited about any increase. For example:

"The four-week moving average for all mortgages was down 9.2%.

Total application volume was down 26.9% on an unadjusted basis compared with the same week in 2008."

Overall, even though there will likely be some seasonal increase, the long term trends seem to be for significant decreases in apps due to rising interest rates, increasing fees, etc. And as someone else mentioned, even tougher qualifying requirements will reduce the number that actually make it through to signing.

I've posted about some of these likelihoods for years and have sometimes been accused of being negative, but these issues are now realities that we all need to be aware of and plan for.

Reply by Dennis_IN on 3/9/11 4:56pm
Msg #375656

This article was written Feb 09 n/m

Reply by jaxson on 3/9/11 1:51pm
Msg #375624

The sad thing is that a very large percentage of those new applications will not qualify.

Reply by 101livescan on 3/9/11 3:58pm
Msg #375639

Eventhough the web page reads March 9, 2011, the article is actually dated February 4, 2009, so perhaps this is two years ago, not today's numbers. We can only hope and pray!

Reply by GWest on 3/9/11 4:19pm
Msg #375644

Good eye

Not sure where they got that on the news this morning, but also found this article
http://www.automatedtrader.net/real-time-news/71170/finsys-update-us-mortgage-applications-up-155-in-latest-wk

Reply by 101livescan on 3/9/11 4:15pm
Msg #375643

Here's what bankrate.com says! Gas prices pushing down rates

http://www.bankrate.com/finance/mortgages/middle-east-fuels-a-drop-in-mortgage-rates.aspx

Reply by RedBaron/IN on 3/9/11 8:59pm
Msg #375676

Re: Here's what bankrate.com says! Gas prices pushing down rates

An interview I saw on a Sunday news show reported that rising gas prices would have little or no effect on our economy. He explained why, but I can not remember enough to repeat what he said.