A strong week for home financing [Video]
Posted on Sunday, August 14, 2016 at 2:25:46 PM
Several groups keep a close eye on the home financing and refinancing markets, as they are among the most important indicators of economic health in the United States today. Although application volumes have been somewhat erratic for the past year or so, the latest report found that the first week of August was a solid one for mortgages.
CNBC, citing data from the Mortgage Bankers Association, reported that the total volume of applications increased by 7.1 percent, which is great news following the drop of 3.5 percent that took place the week prior. Interestingly, the analysts from the MBA attributed this rebound to the falling interest rates that came following a relatively poor gross domestic product report. Mortgage refinancing applications rose by 10 percent in the first week of August as well, the source noted.
Individuals looking to refinance or apply for a new mortgage should always consider working with a local, small bank to ensure that they are getting all of the information necessary to select the best possible program in accordance with their unique needs.