The numbers are in for the 2007 housing market, confirming what what was already known, it was not a good year for to be a mortgage broker, or mortgage banker.
Sales of existing homes fell 2.2% in December, and for the year ended down 13%. This marks the largest drop in 25 years. Prices also fell in 2007, median pricing dropped 1.8% (to $217,000), the first time this has happened in 40 years.
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The average U.S. rate for a 30-year fixed mortgage dropped to 5.31 percent today. This rate marks the lowest it has been since March 2004 when the Fed’s benchmark rate was 1 percent.
Mortgage applications in the U.S. jumped to an almost four-year high last week, but applicants will face many more hurdles in obtaining their loan then they had in years past. 40% of banks have tighten their underwriting policies in the 3rd quarter, 2007. This means mortgage brokers will expect good credit, pay stubs and tax documents with you application.
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Consumer spending at the nation’s retailers fell by 0.4% in December; this was the largest drop in six months, increasing fears of a recession.
Also of note: the Labor Department reported that wholesale inflation shot up 6.3% in 2007, the most in 26 years.
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According to the Mortgage Bankers Association, average 30-year fixed mortgage rate eased 0.32 percentage point to 5.73%.
The 30-year rate is at its lowest since it was 5.72% the week ending Sept. 9, 2005.
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Mortgage applications gained 32.2 percent for the week ending Jan. 4, ending three consecutive weeks of sharp declines. Thees numbers for the holiday shortened week were compiled by the Mortgage Bankers Association’s weekly application survey.
Despite the change of fortune, application volume is still down 13 percent from where it was four weeks ago when it began a run of steady declines.
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