Mortgage Applications on the Rise
Mortgage interest rates fell last week in the wake of economic turmoil overseas. As a result the number of mortgage applications soared. The jump was mostly seen in the number of homebuyers applying to refinance their current home mortgage. The volume of mortgage applications in the nation increased by 3.6 percent last week compared to the week prior.
The number of refinance applications jumped by 7 percent last week compared to the week prior. This is the highest level we have seen in refinance applications since May, 2015.
The dip in mortgage interest rates by 1 percent last week resulted in the lowest levels we have seen since this past March. However this was not enough to spur an increase in applications to purchase a home. However, total purchase volume across the nation is still 19 percent higher than we saw during this same period of time last year.
Investors are conflicted as to if the Federal Reserve will raise interest rates in September or if they will hold off. With interest rates anticipated to increase in the months to come now is the time to buy a home in the Twin Cities. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real Estateand West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065