Good Morning, Folks!
For all of you who are looking to buy a home in the Prescott AZ area, I wanted to share a quick update on activity in the Mortgage Market:
Wednesday - February 12
The Mortgage Bankers Association reported today that its Market Composite Index, a measure of total loan application volume, fell by 2% in the latest week despite a decline in home loan rates in the past month. The refinance index declined by 0.2%, while the purchase index fell by 5%. The Market Composite Index hit its lowest level at the end of 2013 since December of 2000.
The National Association of Realtors (NAR) released its latest quarterly report revealing that a vast majority of homeowners have seen significant gains in equity over the past two years. There were 119 of 164 metropolitan areas seeing gains based on closings in the fourth quarter of 2013, compared to the fourth quarter of 2012. However, the NAR said that "home prices have been rising faster than incomes, while mortgage rates are above the record lows of a year ago."
The House of Representatives approved a bill to raise the nation's debt ceiling for one year on Tuesday as Republicans agreed to follow President Obama's advice to allow a debt limit increase without any conditions. The bill will go to the Senate today, where it is likely to pass, then to the President Obama to be signed into law.
For all of your Mortgage Needs, whether it is an FHA, VA, Conventional or USDA loan in the Prescott AZ area, please call Danell Riggs, Sr. Mortgage Loan Officer with AmeriFirst Financial in Prescott AZ. My Lending Crew is here to serve! Our office number is 928.458.0507. We look forward to speaking with you soon!