Even though interest rates are at an all-time low, finance expert Mike Periu explains why that the number of Mortgage Applications Fall.
Mortgage rates continue to be at extremely low levels. After taking inflation into account, the cost of borrowing money is almost zero, making it an opportune time to finance the purchase of a home or refinance a mortgage. Despite this situation, Mortgage Applications Fall were 12.8 percent down last week according to the Mortgage Bankers Association. Lenders are maintaining very strict qualification requirements, something that effects small-business owners directly. Self-employed individuals and others who are not employees of a company but instead are owners or independent contractors face more stringent qualification requirements. The average rates on a 30-year fixed-rate mortgage ranges from 3.32 percent to 3.77 percent depending on size of the loan and whether or not it has an FHA guarantee.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
