Millennial mortgages close rapidly as low rates raise purchasing power

Citizens Bank adapts to a market that continues to defy predictions Application activity increases, led by uptick in refis purchase activity, which led the rebound in application activity early this year, continued to climb higher and is approaching cycle highs again. Overall there has been a clear shift in activity since rates started to fall late last year.”Corporate America’s most powerful chief executives are rallying to Apple’s side in its tax battle with the EU, appealing directly to European heads of government to overturn Brussels’ demand for.

"Of the millennials who most recently moved there, they can afford to purchase nearly 15% of the homes listed for sale," says the study. "This is in comparison to neighboring Los Angeles, where millennials can only afford to buy 4% of listed homes."

"This was the first time a client of mine used Stephen to get a loan for their new home. It was a fantastic process! Stephen was on top of everything throughout the loan and the buyers got a really low interest rate with super low fees. I was surprised! I highly recommend Stephen to do your mortgage loans or refinances." – Susan J. – Remax.

Average FICO score holds steady at 749 for conventional loans and 691 for FHAs. PLEASANTON, Calif. – October 5, 2016 – As the Fed weighs increasing interest rates, average rates on home loans obtained by millennials fell to 3.763 percent in August, according to the latest Ellie Mae Millennial Tracker .

Millennial mortgages close rapidly as low rates raise purchasing power Millennials closed mortgage loans at their fastest pace in four years as lower interest rates pushed up purchasing power and incentivized them to pull the trigger, according to Ellie Mae.

February’s foreclosure inventory fell to lowest rate since 1999 Home sales rose in January, prompting more concern about tight inventory – Sales of existing homes hit a seasonally adjusted annual rate of. Thursday that inventory fell in January to 1.74 million homes, which would sell in 4.2 months at the current buying pace. Monthly.

But mortgage rates have already started to climb as the housing sector grows legs. The 30-year fixed-rate mortgage for this week is 4.56% and the 15-year fixed-rate mortgage is 3.62%. While historically this is still low, these rates have increased by about 1% over the last 3 months.

Fortunately, there are plenty of mortgage options for Millennials. FHA Loans. For those wanting to get into a home with a minimal down payment, an FHA Loan is one of the most practical choices. These government-insured loans require just a 3.5 percent down payment – and all of that money can be gifted from a relative or the home seller.

According to the latest Millennial Tracker from Ellie Mae, it took Millennial home buyers just 39 days to close on their loans in March – the shortest time recorded in more than four years.

The latest Tweets from Primary Residential (@primeresmtg). You’re in good hands when you finance your home with one of the country’s most trusted mortgage companies.

People on the move: May 3 Visit KC has named hospitality and tourism professional Nathan Hermiston as its new senior vice president of sales and services, effective June 3. He joins the Visit KC team from Meet Minneapolis Convention & Visitors Association, where he has worked since 2010 and most recently served as senior director of destination sales.Critics of FHLB membership rule aren’t thrilled with prospect of repeal Critics of FHLB Membership Rule Aren’t Thrilled with Prospect of Repeal A bill to allow captive insurance companies to be reinstated as members of the Federal Home Loan Bank System appears to be dividing the home loan bank community.