The Market Composite Index, which tracks mortgage loan application volume, increased 3.3%, taking into account a seasonally adjusted basis from the previous week.
FHA’s mortgage share is on the decline. However, that may turn out to be the good news, FHA’s portion has decreased to 20% as of the most recent reports.
In recent interviews, Fed Chairwoman, Janet Yellen, gave clear indication that, barring any dramatic and unexpected changes in the economic reports, the central bank would lend an increase in rates.
According to the MCAI, credit availability increased in March led by a swell in jumbo mortgage loans and an uptick in government loans.
Data reveals that purchase mortgage loans spiked to a 57% share of all mortgage loan originations in February, an increase of 5 percentage points.
Ben Carson has officially been awarded the title of the 17th secretary of the Department of Housing and Urban Development after a majority Senate vote of 58-41 and will begin immediately serving his term with the housing agency.Securing one of the few remaining cabinet members left to be approved, Carson’s inaugural first day is scant more than a month after President Donald Trump was sworn into office.