Mortgage application drops as rates increase

Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

Mortgage sales and applications saw a big drop through all of April. There’s been a huge growth on external economies (mainly european), this normally leads to an increase in local concerns and fears. As a consequence, we’re seeing an increasing drop on new mortgage acquisition and even less activity on the refinancing area.


“Borrowers remain extremely sensitive to rate changes (…) The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers.” said a representative of the Mortgage Bankers Association (MBA).


But overall, the stability of the full housing market hasn’t weaken. Prices that had reached an all-time high on selected home markets have started to lower, which is a good sign on the larger scale.


Like I’ve said in previous posts, I really think we’re about to jump into a recession, that will pull levels of confidence down to the ground and make mortgage acquisition even more difficult in the coming months, unless the government is willing to intervene with a more direct approach to the price of local housing markets.



Posted by




Information and content in this blog is original to Phil Stevenson

Please click the "SUBSCRIBE TO MY BLOG" button on the right, and receive more Traditional and Reverse Mortgage information in Florida and other parts of the US & Puerto Rico.


Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Mortgage / Finance
broker vs banker

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
Ask Me About the NEW Reverse Mortgage Program!
Spam prevention