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Mortgage application volume hits 12-year low

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Mortgage Professional America | 18 Dec 2013, 08:12 AM Agree 0
Mortgage application volume fell to its lowest level in more than a dozen years last week
  • seriously | | 18 Dec 2013, 08:32 AM Agree 0
    It's Christmas.
  • Michael from Michigan | | 18 Dec 2013, 08:56 AM Agree 0
    I agree with seriously it is, in fact, the Christmas Holiday. The majority of the population are concentrating on shopping, parties and travel. The ONLY buyers who are currently in the market are the buyers who MUST find a home immediately. After the holiday break, the vast majority of the buyers will renew their search for a home. Many buyers will finally be getting off the fence of indecision and buy a home, before the interest rates go too much higher. Inventories of available homes remain tight in most markets.
  • jim in wisconsin | | 18 Dec 2013, 09:07 AM Agree 0
    yes it is Christmas but it was Christmas at this time of the yr. for the last 12 yrs ! I think the Fed will understand that any increase to rates, at this time, will slow the economy, because things, with the avg. consumer, (outside of Corp. America) are still not as good as some try to lead us to believe.
  • John | | 18 Dec 2013, 09:08 AM Agree 0
    Time for the re-fi guys to go back to selling appliances / cars. Time for the pros to go to work!
  • Bill | | 18 Dec 2013, 09:22 AM Agree 0
    It would be interesting to see these numbers charted on the comparison wouldn't it?
  • Cosmicflyer | | 18 Dec 2013, 10:43 AM Agree 0
    Time for John to go back to selling jewelry at the pawn shop.
  • Martin Sisk | | 18 Dec 2013, 11:23 AM Agree 0
    Rates have gone down for 30 YEARS!! Volcker took them up in '82. A real collapse in
    "93. So as refi go away at 5.5%. A 90% purchase market = how much reduction in industry personnel? Time and efort to get a mortgage has increased. Take away the incentive to originate a mortgage and the process slows down another factor.What does it take to originate, process and close a mortgage by one individual? 50 hours. $100 per hr
    = $5,000 = 2.5 pts on $200K mortgage. You can do
    4 per month = $20K = $240K per year. Hard to do. It is more difficult and less profitable.
    They need to put plumbers, gasoline, lawyers, denists on this 3% rule.
  • Josh | | 18 Dec 2013, 12:02 PM Agree 0
    Martin...not sure where you get your numbers! We are on a 1.25% comp plan and do just fine. Process all of our own mortgages and don't need to make $5K per mortgage to make a living. Nor does it take 50 hours! Wow!!! I have had MANY months closing 12+ mortgages, with no assistant. And I've never worked a 150 hour week!
  • Don | | 18 Dec 2013, 06:28 PM Agree 0
    Appears that only large mortgages need to be done. What happens to common people that want to buy a row house for their family at $65,000? Cast them aside?
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