February 2019 Mortgage Market Share Report

March 13, 2019

 

February’s mortgage recordings held steady from January.  The market is now showing signs of warming up, both figuratively and weather-wise. Year to year comparisons tell a different story.

Mortgages securing between $50,000 and $500,000 are down about ten percent during the first two months of the year ─ 385 to 427 last year. February’s 30 year commitment rate for Freddie Mac was the lowest in 13 months, so it appears that interest rates are not a factor of the lower demand.

Monroe County deed recordings are down slightly ─ 263 to 276, almost five percent. Our own book of business shows cash deals holding steady at about one-third of all purchase transactions.

All of these indicators are consistent with national predictions that the market would be down slightly in the first. Those reports also predict a rebound in the second half of 2019 {{crossed fingers}}.  Our own order pipeline is showing a significant increase in expected closing over the next 45 days.

After April, making more accurate conclusions about the strength and direction of the market will be easier.

The Monroe County 2018 pay in 2019 taxes will be official March 23rd. We’ll begin using those new amounts for pro-rations that day. Our title team will be updating your outstanding orders throughout the next few weeks.

Enjoy the forthcoming spring!

 

~ John Bethell