Mortgage applications increased for the second week in a row after an almost two-month slide, as a drop in interest rates helped drive up both purchases and refinances, the Mortgage Bankers Association said.
The MBA’s Market Composite Index, a measure of application activity based on surveys of association members, climbed 2.2% on a seasonally adjusted basis for the weekly period ending Nov. 18. But application volumes were still 68.8% lower than their level of one year ago when the 30-year conforming rate was less than half of where it is today.
The seasonally adjusted Purchase Index swung up 3% week-over-week, but it still stands 41% below activity from 12 months ago. However, if rates continue trending downward, potential home buyers will likely be drawn back to the table, according to Joel Kan, MBA’s vice president and deputy chief economist.
“The decrease in mortgage rates should improve the purchasing power of prospective home buyers, who have been largely sidelined as mortgage rates have more than doubled in the past year,” he said in a press release.
Yes ma’am, It can only get better from here! I got my first conventional purchase application in and it got approved and clear to close in one week! Pretty amazing experience to be on the other side of the industry. So when things get better I probably switch over to doing mortgage more! ha ha. I got my mortgage originator license a couple months ago, I want to be in a position to make a lot of money when things come back again! What I like about being a licensed mortgage originator is that you potentially can make so much more money .
Do you work for a certain loan company? How does that work may I ask??? I may be interested in getting MLO. Thanks for any advice. My email is tnnotary1@yahoo.com
Please don’t start… let’s keep it positive please. There is no need for the backhanded replies and tongue and cheek attitude. Let’s keep it professional.
I have your email. I will send you a message today. I am enjoying being an MLO right now as well. I got hired after I passed my test on 1st try:) before I even got my MLO license issued;). Maybe you can come work with us:). We are in 43 states. We do wholesale lending and we are #1 broker in the nation:).
I have been interested in getting my MLO license as well. Do you mind sharing the information about the lender your working with and which entity you used to get your license? Thanks for sharing. Here is my email address: hillcountrynsa@gmail.com