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QUOTE OF THE WEEK... "I don't have a bank account because I don't know my
mother's maiden name." --Paula Poundstone, American comedian
INFO THAT HITS US WHERE WE LIVE ... Plenty of people last week were banking on getting a mortgage at today's fine rates, as mortgage applications shot up 12% compared to the previous week, according to the Mortgage Bankers Association (MBA). Their report showed most of the gain came from a new wave of home owners refinancing to latch onto the dropping rates. But the MBA said purchase applications were up too, evidence that home buyers are also taking advantage of the current rate environment. The unadjusted MBA Purchase Index was up 7% over the prior week and is now 25% above where it was the same week a year ago.
The MBA Builder Application Survey delivered more good news. Mortgage applications for new home purchases shot up 14% in January, a nice rebound from December's dip in new home purchases. The average loan size for new homes dropped off a little versus December, but the MBA estimates there were 38,000 new homes sold in January, an 11.8% jump for the month. Based on their data, the MBA estimates new single-family home sales hit a seasonally adjusted annual rate of just under 500,000 units in January. Finally, the National Association of Realtors Metro Home Price report said an average of 89% of measured metro areas experienced home price gains in 2015.
BUSINESS TIP OF THE WEEK... Dream big but set goals. Successful people are overreachers, but they're also disciplined goal setters. Don't let your big vision for the future distract you from hitting the near-term goals that will get you there.
INFO THAT HITS US WHERE WE LIVE ... Plenty of people last week were banking on getting a mortgage at today's fine rates, as mortgage applications shot up 12% compared to the previous week, according to the Mortgage Bankers Association (MBA). Their report showed most of the gain came from a new wave of home owners refinancing to latch onto the dropping rates. But the MBA said purchase applications were up too, evidence that home buyers are also taking advantage of the current rate environment. The unadjusted MBA Purchase Index was up 7% over the prior week and is now 25% above where it was the same week a year ago.
The MBA Builder Application Survey delivered more good news. Mortgage applications for new home purchases shot up 14% in January, a nice rebound from December's dip in new home purchases. The average loan size for new homes dropped off a little versus December, but the MBA estimates there were 38,000 new homes sold in January, an 11.8% jump for the month. Based on their data, the MBA estimates new single-family home sales hit a seasonally adjusted annual rate of just under 500,000 units in January. Finally, the National Association of Realtors Metro Home Price report said an average of 89% of measured metro areas experienced home price gains in 2015.
BUSINESS TIP OF THE WEEK... Dream big but set goals. Successful people are overreachers, but they're also disciplined goal setters. Don't let your big vision for the future distract you from hitting the near-term goals that will get you there.
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