Mortgage Applications, Refinancing Numbers Rise Amid Low Rates
The Home Builders Association of the Grand Traverse Area says right now more people are looking into purchasing or refinancing their homes.
HBA Grand Traverse Area executive officer Robert O’Hara says, “With the interest rates holding steady and in some cases they’re even going down a little bit, what I’m hearing from my financial members is that they have gotten through the big rush of the mortgage creation, they have a lot of people refinancing.”
He says time at home is pushing people to explore their options.
O’Hara says, “Frankly people in houses are finding that if they’re living in them 24/7 and all of their kids are living in them 24/7- the house just isn’t as big as they thought it was.”
Versatile Mortgage L.L.C in Traverse City says the pandemic is also drawing more people to scenic places like Northern Michigan.
“We’ve got people that are employed with companies throughout the U.S that can live and work out of the convenience of their own homes. So they can live anywhere,” says Versatile Mortgage L.L.C owner, Randy Brown.
Brown says his staff is now seeing more work.
“This has been a banner year for us. We’ve never been busier. Part of that is driven by the rates,” Brown said.
Brown adds that right now homebuyers are just seeing more bang for their buck.
Brown says, “People can buy about 6% more house for the same payment that rates were just a short time ago.”
The HBA and Versatile Mortgages L.L.C says they predict to start seeing more foreclosures when the Cares Act expires at the end of this year.