Residential lending applications slip slightly in mid-June
Posted on Wednesday, June 19, 2013 at 9:33:15 AM
After showing a significant increase the preceding week, the number of consumers pursuing residential financing opportunities declined during the period ending June 14.
According to the Mortgage Banker Association's latest Weekly Mortgage Applications Survey, the national measure of loan application volume decreased 3.3 percent from the week prior. Similar activity was recorded in the organization's Refinance and Purchase Indices, as each also slipped 3 percent last week. Meanwhile the refinance share of mortgage activity remained largely unchanged between the two periods, holding firm at 69 percent of total submitted requests.
Application numbers may again see increases in the coming months, however, as more building permits were approved last month, and an increasing number of housing starts and completions were observed.
In a joint report on new residential construction in May, the U.S. Census Bureau and the Department of Housing and Urban Development announced authorizations of single-family home building permits were seen at a rate of 622,000, showing an improvement from the previous month of 1.3 percent. Housing starts increased 0.3 percent to 599,000 last month, and completions ticked up 4.2 percent to a rate of 546,000.
Individuals looking to utilize residential lending to finance a property purchase can find a number of advantageous opportunities with the trusted company Home Loan Investment Bank.