Number Talk: Application activity on the rise

Between buyer demand and a raging refinance market, application volume was up 4.1% last week, and refinance applications were up 5% for the week and 122% higher than a year ago, according to the Mortgage Bankers Association.

Mortgage lending is set to reach $3.14 trillion this year — the highest total since 2003 — as the annual average rate for a 30-year fixed home loan falls to a record low of 3.2%. Next year, the average rate will likely fall to 2.8%, the lowest ever recorded!

Meanwhile, the Federal Reserve is set to purchase $40 billion a month in mortgage-backed securities. This is coupled with expectations that “margins” – meaning the difference in yields for 10-year Treasury and mortgage bonds – will continue to shrink as the lending industry adjusts to doing business in the age of COVID-19.

Weekend Gratitude

At difficult times like these, it’s good to reflect on the many ways the struggles and challenges of your life have shaped you into the person you are – and made you stronger!

Traveling Gratitude

The Chic 'n' the Geek have been on a road trip for about a week, visiting some of our favorite spots in the American Southwest. While we’re traveling, we’re constantly reminded of what a beautiful world this is. And we’re grateful to have a beautiful home to return to at the end of our journey.