Jan 8, 2016

Mortgage market ended 2015 with a CRASH!!!

Mortgage Applications plummet in the final weeks of 2015, according to the Mortgage Application Survey released by Mortgage Bankers Association. This is most likely due to a rush on home loans in the beginning of December, before the Federal Reserve increased its funds rate for the first time in nearly a decade.
The seasonally adjusted Purchase Index decreased by 15 percent from two weeks earlier and the unadjusted Purchase Index decreased by 40 percent compared to two weeks ago. The Refinance Index decreased by 37 percent from two weeks ago and the refinance mortgage activity decreased to 55.4 percent of total mortgage applications from 56.1 percent the previous week.

This lull in the mortgage market has directly affected mortgage processors all over US. The number of files received has been pretty low. Hopefully there will be better signs of mortgage activity.

Peoples Privo Processing helps brokers and net branches process their loans faster, thereby freeing their precious time to generate more business.

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