Interested in seeing where the hot spots are in mortgage originations? Here are some interesting stats that we are seeing in the data right now.
Interested in seeing where the hot spots are in mortgage originations? Here are some interesting stats that we are seeing in the data right now.
Disclaimer: These are numbers that we are seeing in the MonitorBase platform and does not necessarily represent stats for the entire country. Although, this should give you a good idea of some interesting trends, and hopefully helps in your current origination efforts.
Beginning in June, we saw an overall increase in mortgage inquiries, last week inquiries were up about 20%. There are several factors feeding in to this, such as near all time low interest rates.
We typically see a spike in inquiries the first week of every month, but in June, that spike carried on through the second week.
If you’ve been keeping up with our reports for the last few weeks, you’ll know that we’ve seen an increase in applications in those with newer mortgages (1-12 months old). According to our data, the older the underlying mortgage, the less likely that person is to apply. This is a great opportunity to do some refiancies, and if you aren’t monitoring your recently funded customers, you have a really high EPO risk.
|
Age of mortgage |
% of total inquiry alerts |
|
1-12 months |
23.95% |
|
13-24 months |
12.69% |
|
25-36 months |
13.69% |
|
37-48 months |
11.45% |
|
49-60 months |
7.47% |
75% of those applying for a mortgage have a credit score over 700. This is up 2% from last week. We’ve been seeing this trend for the past few months now, and it shows no sign of stopping.
|
Score Range |
% of total inquiry alerts |
|
700+ |
75.01% |
|
640-699 |
14.63% |
|
620-639 |
3.00% |
|
580-619 |
4.21% |
|
350-579 |
3.33% |
Over the past week, we’ve seen about a 10% increase in our rate watch predictive alerts. We’ve seen really low interest rates, and the average interest rate that lenders are quoting is dropping lower, creating a ton of opportunities for loan officers and home
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Share this report with friends, colleges, or someone who might be interested. See you next week!