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This blog post was written by La Shawn Skeete. La Shawn is a Summer Research Intern, and is currently studying at The University of Maryland, College Park pursuing a degree in Economics.
- Seasonally adjusted mortgage application volumes increased 4.7% from the week ending July 24th and are 14.5% higher than this time last year.
- Seasonally adjusted applications for purchase increased over the week by 3.3% and application volumes are 22.9% higher than last year.
- 30-year FRM rates decreased yet again this week, this time by 4 basis points over the week to 4.13% and remain less than they were in 2014 by 22 basis points.
- The TILA-RESPA Integrated Disclosures (TRID) go into effect on October 3rd, 2015. TRID is designed to make loan transactions more transparent but may dramatically affect the timeline of a home-loan closing. As a result, the lag between closed sales and applications could widen.
- Sales of single-family homes priced between $750,000 and $1 million are 21% higher than last year outpacing homes costing between $100,000 and $250,000 having only a 12.5% improvement over this period. Lenders are broadening access to meet the rising demand for jumbo loans from credit-worthy borrowers. This week JP Morgan announced a reduction in its minimum down payment from 20% to 15% and credit score from 740 to 680 for jumbo. These modifications follow similar changes by Wells Fargo and Bank of American earlier this year.
Mortgage application data serve as an indicator to homes sales and other home related expenditures such as appliances and furniture.
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