Historically, millennials have tended to look more at FHA programs for home financing but in the last couple months this has changed. More millennials are qualifying for conventional mortgages. In January, conventional loans accounted for 67 percent of overall volume by millennial borrowers. The share of refinances ticked up to 18 percent of all closed loans to millennials.
The February BLS Jobs Report completely blew away expectations of only 210K, coming in strong at 313K jobs created, the largest monthly gain in 19 months. Construction saw the largest gain since 2007. Both, the January and December reports were revised higher. Such strong reports indicate a Fed rate hike later this month to be “a given.”
Fun Facts Friday:
- For 2017, forty-three percent of mortgage customers reported applying digitally.
- Most buyers don’t choose a lender based on rate and price but rather on “a combination of trust in the brand and reasonable price.”
- The magic formula for the mortgage business according to J.D. Power: convenience + recognition + advice + trust + value. We can’t argue with that!