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What will you do when business really slows down? Start looking for non-lender work when everyone else does?
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This graph has been in every issue of the paid Appraisal Today since 1992. I use the data from the MBA below. Business has been slowing down since the peak in 9/16.
The Market Composite Index, a measure of mortgage loan application volume, increased 3.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 16 percent compared with the previous week. The Refinance Index increased 5 percent from the previous week to the highest level since December 2016. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index increased 15 percent compared with the previous week and was 4 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 45.4 percent of total applications from 45.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.7 percent of total applications to the highest level since October 2014. The average loan size for purchase applications reached a survey high at $313,300.
The FHA share of total applications decreased to 11.8 percent from 12.3 percent the week prior. The VA share of total applications decreased to 11.6 percent from 11.7 percent the week prior. The USDA share of total applications remained unchanged at 0.9 percent from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.36 percent from 4.30 percent, with points increasing to 0.44 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.27 percent from 4.23 percent, with points increasing to 0.26 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.18 percent from 4.07 percent, with points decreasing to 0.32 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.57 percent from 3.51 percent, with points remaining unchanged at 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.48 percent from 3.35 percent, with points decreasing to 0.20 from 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
With Trump changes in the news, guess I need to put something in this email newsletter ;>
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CHANGE YOUR TEMPLATES!! SET UP NEW SUBDIRECTORIES IF YOU FILE ON YOUR COMPUTER!!
Popular (and sometimes strange) real estate listings
Take a break and check out these listings!!
The 4 Most Interesting Home Listings of 2016 – Fun Video
Video is 2 minutes and 40 seconds long and very entertaining!!
Can’t describe it. You just gotta see it!!
2016’s top 10 most popular (and sometime strange) homes for sale
Here are 3 of them
No. 1 is the country’s biggest fixer-upper – over 60,000 sq.ft. in Texas. Price: Listed for $3.6 million
5. The cave dwelling, Undisclosed address, Festus, Missouri. Price: Listed for $314,900
10. The ‘Amityville Horror’ house, 108 Ocean Ave, Amityville, New York. Price: Listed for $850,000, entered into contract in November