Mortgage applications rose last week as the markets interpreted the Federal Reserve’s stance on rate hikes as potentially complete. This activated the mortgage market as applications rose 6.3% with a noticeable increase in refinancing activity. Notably, investors have been apparently anticipating a change in the rate posture for some time and reacted quickly.
The primary activity was driven by refinance activity, with a 6.9% increase in comparison to the week before. A boost was also seen in purchase applications, increasing 4.3% from the previous week. Improvements in the mortgage market often translates to the broader housing market, with experts expecting the uptick in activity to continue in the coming weeks.
• Market reaction to Federal Reserve’s potential rate hike completion
• Mortgage applications rose by 6.3% with a 6.9% increase in refinance activity
• Purchase applications up 4.3% from previous week
• Improvement in the mortgage market expected to continue in the coming weeks
You can read this full article at: https://www.housingwire.com/articles/mortgage-apps-increase-amid-expectation-of-feds-pause-in-rate-hikes/(subscription required)
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