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JQ Group CEO: What is the impact on mortgage refinance applications?

According to these circumstances, Jesús Quintero Yamin believes the MBA bureau has decided to double its 2020 refinance start point projection to $1.2 trillion, which represents a 37 percent increment from the 2019 evaluation. Kan looked optimistic concerning these financial facts, suggesting that knowing the variability in applications and their ability to deal with the sector, mortgage rates, will presumably lead a balance but for now, are going to stay low.

JQ Group CEO, Jesús Quintero Yamin, explain us that an obvious question faced in the sector as result of the lower mortgage rates could be: what is the impact over mortgage refinance applications?

 

The Mortgage Bankers Association, MBA, announced that Mortgage Refinance Applications incremented in 55.4% respect to one week before, the largest increase since April 2009, and was 479% superior to the corresponding week the preceding year (MBA March 11, 2020).

 

Joel Kan, MBA’s associated Vice President of Economic and Industry Forecasting supports the facts, assuring that "market uncertainty around Coronavirus, led to a considerable drop in the U.S. Treasury rates last week. Homeowners rushed in, with refinancing applications, jumping 79 percent- the largest weekly increase since November 2008" (MBA March 11, 2020).

 

According to these circumstances, Jesús Quintero Yamin believes the MBA bureau has decided to double its 2020 refinance start point projection to $1.2 trillion, which represents a 37 percent increment from the 2019 evaluation. Kan looked optimistic concerning these financial facts, suggesting that knowing the variability in applications and their ability to deal with the sector, mortgage rates, will presumably lead a balance but for now, are going to stay low.

 

“Nevertheless, not all the lead a agree” Jesús Quintero Yamin says. While the refinance application request is increasing day after day, bankers have been dealing with the volume of requests in the last two weeks. The worst part is that they don’t expect the booming demand to drop quickly, due to the previous measure from the Federal Reserve of cutting rates that could prolong proximately, maintaining durable rates low at least for several months.

 

About JQ Group.

 

JQ Group is a Miami-based real estate owner and developer specializing in residential, commercial, and hospitality projects across Southern Florida. As entrepreneurs driven by an innate need to create, build and transform, JQ Group seeks new opportunities with the objective of bringing social value and improvement. Tackling projects with determination, innovation, and perseverance, JQ Group’s global outlook allows their passion for transforming communities to guide each venture. Every project is driven by the positive impact higher standards of living have on future generations.

 

Visit us: http://jqgroup.com/

 

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