December Mortgage Lending Is Still Moving Along
Christmas and New Years may be right around the corner but folks in the mortgage industry are still hard at work thanks to low mortgage rates. Home buyers are taking advantage of these rates while they can, making for a pretty busy December.
"Applications for refinance loans dipped 7%, but the numbers were much stronger than a year ago," according to Yahoo News.
"Borrowers applied for mortgages at a rate 135% higher than during the second week of December 2018."
So, while numbers are down for 2019 overall, they are up from just a year ago.
"Mortgage rates are being pushed up by encouraging economic signs. First, there was the government's monthly jobs report that showed hiring was strong in November and that unemployment fell back to a 50-year low."
Overall, a stronger economy, paired with lower mortgage rates has been helping the mortgage industry keep busy through the end of the year.
With a potential trade deal between the U.S. and China looming, rates having been on a slight uptick, though, not nearly enough to steer borrowers away.
To learn more about December 2019's busier lending season, click on the image above.