Mortgage Application Volume Hits a 12-Year Low

Posted by on Wednesday, December 18th, 2013 at 11:48am

This from todays Mortgage Originator Magazine:

"Mortgage application activity as of Dec 13th fell to its lowest level since 2001. Refinance applications are now 66% of all originations. The average conforming contract interest rate is currently 4.62%.  Its interesting to note that JUMBO loans are actually averaging a lower 4.61%

Now, plug that in with reports of increased sales --- about what does that make you think? CASH BUYERS!  Of course real estate sales are up but the majority of those are in the lower price ranges. Those SFRs that hit the bottom of the bottom while rents increased, making them perfect rentals for investors. I do Broker Price Opinions. Hundreds of them all over three counties and when pulling comps, Im seeing increasing numbers of sales with CASH as the purchase method.

 

 

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