According to the MBA (Mortgage Bankers Association), mortgage loan applications fell the week ending April 24th. Surprisingly, mortgage refinancing has slowed down a bit despite the low mortgage rates. Since March, this was the second week in which applications showed a decline.
Don’t let the numbers completely fool you though. There are still plenty of applications in the pipelines. Refinancing is still a hot ticket, and so long as rates remain at record lows, banks and brokers will be busy for a while.
Lenders are starting to get backed up. Turn-times are getting a little worse. Some banks have already hired extra staff just to help with the volume.
Even with low mortgage rates, government assistance for both purchasing and refinancing, and the decline in home prices, the housing market has yet to see a bottom. It’s anticipated that the stimulus money will ultimately help get the markets back on track. However, it will be a very gradual process that may take quite a while.
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Olia
April 30, 2009 @ 9:42 am
WOW! I can’t believe that we still have further to go in the housing market drop. This is definitely good news for me, but then again, in my area home are still very very expensive. :-\
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