Jacksonville Real Estate Market

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Mortgage Applications Dip In March 2011

Posted on | March 30, 2011 | No Comments


Press news released yesterday – Tuesday March 29, 2011 report that single family home mortgage applications decreased by 7.5 percent ( week ending March 25th ) – information from the Mortgage Bankers Association.   This is the highest decrease since the February 11th period and is a poor indicator in the housing market.  These numbers reflect new and existing home buying numbers.

One story reported that this drop may indicate that potential buyers are “waiting” for even better single home prices in the coming months as news of the banks and lending institutions about to open the flood gate of “toxic assets” ( foreclosed homes that they have been holding for over two years ) on the housing market is rumored to start mid April.

“If people are not sure when homes prices should bottom, they’re going to be less likely to want to invest in a home,” Celia Chen, an economist at Moody’s Analytics Inc. in West Chester,Pennsylvania, said before the report. “Weaker demand will weaken home prices, making it more difficult for those who are distressed to sell their homes.”

The latest two increases in interest rates are a hurdle as well. The average rate on a 30-year fixed loan increased last week to 4.92 percent from 4.80 percent. Borrowing costs have increased since reaching 4.21 percent in October, the lowest since 1990.

The average rate on a 15-year fixed mortgage increased to 4.16 percent from 4.02 percent.


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