Mortgage Applications UP!!!!!!

By
Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

They say "the trend is our friend."  If that's the case, then the news from the Mortgage Bankers Association should be welcome news.  The question is....does 1 week make a trend?  We don't have 1 week, we have 2.

Weekly mortgage applications in the United States increased in the week ending Sept. 3, according to data released from the Mortgage Bankers Association (MBA) TODAY!!!!, which reported a 7.5% week-over-week rise in applications.

In the previous week, applications also rose by 0.5%.

The average loan size was $215.6k, compared to previous week's $216.9k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.39% from 6.44%.

Interesting info for sure.  I hope that the application cycle continues to grow.  It'll hopefully encourage the rest of us to stay the course as we try to respond to an economy that hasn't been playing ball with us lately.  If we can get another 4 to 6 weeks consecutively, that'd be really hot.  We'll see...stay tuned.

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Ambassador
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Larry - And I hope the transition into closed transactions follows suit...

Sep 03, 2008 01:51 AM #1
Rainmaker
283,976
Dave Woodson
Dave Woodson - Chesterton, IN
Not the Average Agent

yeah, they were up and so were my turndowns.  I was dissapointed in the apps I took last week, but this week looks a little better had some good ones yesterday

Dave

Sep 03, 2008 02:06 AM #2
Rainer
10,586
Veena Grover
Re/Max - Fremont, CA
Fremont Realtor: Homes for Sale in Fremont & Union City

Thanks for the update.  We generally to tend to see an upswing around September in home sales, but the 7.5% figure is definitely eye-catching.

Sep 03, 2008 02:07 AM #3
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256,688
Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate

Larry - That is encouraging news.  I hope the trend continues...  Keep us posted!  :)

Sep 03, 2008 03:07 AM #4
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Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

Jason...no doubt brother.

David...let's hope that the trend continues

Veena...7.5% is awesome....if this holds...good things for us all.

Debi...we'll do.

Sep 03, 2008 03:09 AM #5
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Larry: That's heartening news. I tend to be a little more cautious even though my business is decent right now. I expect a seesaw until possibly Spring or Summer of next year. Unfortunately credit is still awfully tight.

 

Paul

Sep 03, 2008 05:24 AM #6
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26,964
Laura Moore Godek
Laura Moore Godek, PC - McHenry, IL

I am seeing a few more transactions in September also. 

Sep 03, 2008 04:59 PM #7
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