For the week ending October 8th, the mortgage applications went up due to a dip in rates. While the dip wasn’t huge, it is still enough to trigger applications to go up. The Market Composite Index showed that applications increased 14.6 percent on a seasonally adjusted basis from the week prior. It seems like a tennis match as rates go up, then down. They just go back and forth and keep you guessing, never knowing what you are about to experience.
Those who were on the fence decided to jump off, and enjoy the fray of refinancing that was spurring underneath it all. It is no wonder that applications were up. People are always fearful of the unknown, and just need that little extra bit of confidence. Those in the business should never lose heart, and it’s all about understanding where the borrower is coming from. Just understand that they need to feel a certain way about things before they are going to make a major decision, so it is our job to educate them, every step of the way.
-Mayer Dallal
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