Recent data from the Mortgage Bankers Association (MBA) indicates a significant uptick in mortgage applications, reaching the highest level in six weeks. This surge follows a drop in the 30-year fixed mortgage rate to 7.44%. This decrease in rates has led to a 3% increase in total home loan applications for the week ending November 17, compared to the previous week. Notably, the average loan size on a purchase application was $403,600, the lowest since January 2023, suggesting an increase in first-time homebuyers in the market.
Additionally, refinance applications increased slightly by 1.6%, while the adjustable-rate mortgage (ARM) share of activity fell. The Federal Housing Administration (FHA) loan activity comprised 14.8% of all applications, and the Department of Veterans Affairs (VA) loans made up 11.3%, indicating a varied interest in different loan types.
Understanding Your Mortgage Qualification
When considering a mortgage, understanding how much you qualify for is crucial. To determine this, consider these factors:
1. Income and Employment Status: Lenders will look at your income and job stability to assess your ability to repay the loan.
2. Credit Score and History: Your credit score significantly influences the loan terms, interest rates, and how much you can borrow.
3. Debt-to-Income Ratio (DTI): This ratio measures your monthly debt payments against your gross monthly income. A lower DTI can improve your chances of qualifying for a better mortgage rate.
4. Down Payment: The amount of down payment you can afford affects the loan amount. A higher down payment typically results in more favorable loan terms.
Partnering with Our Favorite Lender
For personalized assistance and to explore your mortgage options, Mike at CMG, is here to help. He and his team offer expert guidance on various mortgage products and will work with you to find a solution that fits your financial goals. Contact him to start your journey toward homeownership.
Michael Lesmeister, CMG Home Loans
[email protected] | 832-702-3327
Apply Now – Link.
Is now a good time to buy?
With the current trends in the mortgage market, now is an opportune time to assess your options. Whether you're a first-time homebuyer or looking to upsize or downsize, understanding your qualifications and exploring available mortgage products can make a significant difference in your home-purchasing journey.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
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