Real estate activity is signaling stronger sales ahead as buyers returned to the mortgage market after the holiday hiatus.
The improvement is attributed to the number of mortgage applications to purchase a home, which rose 4% for the week and is almost 5% higher than the same week a year ago, according to the Mortgage Bankers Association.
In part, it is seen that the increase was affected by lower mortgage rates.
But in general, the trending higher rates have pushed applications to refinance a home loan down 5% for the week. The refinance volume has fallen dramatically over the last 12 months, causing the number of refinancings to fall 33% lower than the same week one year ago.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.