Mortgage Applications Fall As 30-Year Loan Rates Hit 2015 High

Chicago, IL (PRWEB) March 12, 2015

Lenders like Peoples Home Equity were disappointed to see that mortgage applications fell last week due to a rising interest rate environment.

As shown on March 11th by TradingEconomics.com, mortgage applications fell by -1.3% for the week ending on February 6th. This data announcement marked the 5th negative change in the past 7 weeks. However, the 4 week average for home loan applications did decline from -6.4% to just -4.47%. This increase of a larger negative number to a smaller negative number highlights the fact the mortgage demand is growing are we move into spring when housing activity starts ramping up.

Prospective mortgage applicants should take note that rates are rising, they will be probably continue to increase due to expectations of Fed policy. The Federal Reserve is expected to raise its key short term lending rate by at least 0.25% in June; this will instantly cause lenders across the nation to raise their rates for home loans. Rates are also expected to increase based on higher seasonal demand for loans/housing in spring and summer. To avoid the headache of floating or locking in a mortgage rate down the road in a rise interest rate environment, it's better to just lock in a competitive rate now.

TradingEconomics.com shows th e average rate on a 30-year fixed loan has increased steadily since late January from 3.79% to 3.93% to 3.99% to 3.96% to now 4.01%. 4.01% is the highest average 30-year fix rate observed in 2015. Peoples Home Equity reminds readers that mortgage rates still remain below the historical average but time is running out. Prospective applicants must act now before rates increase overnight based on Fed policy.

If in need of a mortgage, contact a Peoples Home Equity loan officer today at: 262-563-4026

Read the full story at http://www.prweb.com/releases/2015/03/prweb12579396.htm

You May Also Be Interested In

• NeuroOne® Reports Fiscal Q3 2026 Financial Results, Revenues Increase 16% YoY to $2.0 Million; Gross Margins Expand to 59.9%
• Pulmatrix Announces Second Quarter 2026 Financial Results and Progress on Merger
• Aspire Biopharma Holdings, Inc., to Present at Sidoti Virtual Investor Conference August 19th