The Mortgage Bankers Association recently discovered the amount for an average loan is currently at its lowest point since February of this year. The decrease is actually good news for Fort Lauderdale real estate and the real estate market overall, as it signals more first-time home buyers are purchasing homes and condos for sale this year.
Mike Fratantoni, chief economist at MBA, recently said, “Given the overall increase in purchase volume, we view this as a positive development, as it signifies more first-time home buyers are getting into the market. We are not back to levels typical of a healthy market, but for the first time in a while it is steadily improving.”
While there was a one percent dip in the Refinance Index, purchase applications to buy homes, however, were up one percent. Demand for purchase applications, a reliable source when predicting future homes sales is presently 18 percent higher than one year ago.
Mortgage rates on average were relatively unchanged with both 30-year and 15-year fixed conforming loans. Jumbo loan rates were down. The application survey has been conducted by The Mortgage Bankers Association for 25 years and takes into account 75 percent of all retail residential applications for a mortgage. Read more about this story here..