Mortgage Applications Are Way Up, But Are Loans?
According to MarketWatch, "With mortgage rates approaching record lows, the volume of applications filed for mortgages jumped a seasonally adjusted 48% last week compared with the previous week, according to the Mortgage Bankers Association’s weekly survey." "Applications for the week…
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According to MarketWatch, "With mortgage rates approaching record lows, the volume of applications filed for mortgages jumped a seasonally adjusted 48% last week compared with the previous week, according to the Mortgage Bankers Association’s weekly survey."
"Applications for the week ended Dec. 19 ran 124.6% ahead of the mortgage activity seen during the same week last year."
Most of the increase is due to a large drop in rates which are moving toward 5% for 30-year fixed loans. It remains to see whether most of these applications will be granted in a tight market where banks will resist lending money which carries any significant risk.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
