Application Volume Up, Down, Up, Down…
The results are in: the Mortgage Bankers Association said today that applications during the week of October 23rd decreased by roughly 3.5% – adjusting seasonally from the previous week.
Granted the accounted for data increased 7% on an unadjusted basis, taking into account for Columbus Day. While this news is not shocking, the Refinance Index decreased 4% from the previous week, remaining the same in comparison to the week prior at 59.4%. Applications for government-backed mortgages also tapered off slightly from higher levels last week. The share of FHA decreased from 14.3% to 13.7%. The housing market is indeed a constant ebb and flow.
Is now a good time to refinance?
Yes. For more homeowners, it’s still a good time to refinance. Interest rates have risen from the record lows we witnessed a couple of years back, but mortgages remain incredibly cheap in comparison.
Please feel free to reach out to me; we can go over your situation together and see if there is room to save money.
