The Romo Report

The Mortgage Blog Of Alex Romo – 312-738-8430

Refinance Activity Remains Near Three Year High

According to the Mortgage Bankers Association’s Weekly Applications Survey, refinance application demand slipped 2.0 percent last week but remains near three-year highs. The drop was matched by a 2.0 percent increase in purchase application demand, pushing purchase loan volume to the highest level since June. The Market Composite Index fell 1.2 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates remain historically low, which benefits both prospective homebuyers and those seeking to refinance. According to the survey, the average contract interest rate on 30-year fixed-rate mortgages with conforming loan balances increased to 3.56 percent from 3.53 percent the week before. The survey covers 75 percent of all U.S. residential mortgage applications and has been conducted weekly since 1990. More here.

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Purchase Activity Up Slightly, Refinance Demand Slows

According to the Mortgage Bankers Association’s Weekly Applications Survey, refinance activity fell last week as average mortgage rates increased. The Market Composite Index, which measures both refinance and purchase activity, fell 7.4 percent from the week before, largely due to a 9.0 percent drop in the Refinance Index. Purchase application volume, on the other hand, was up slightly, rising 0.9 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances moved up to 3.86 percent from 3.76 percent a week earlier. Still, mortgage rates remain near historic lows. Also in this week’s survey, the investor share of home purchase applications rose to 5.7 percent in the month of July and the share of purchase mortgages for second homes increased to 5.8 percent from 5.6 percent in June. More here and here.

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Average Mortgage Rates Unchanged Last Week

The Mortgage Bankers Association’s Weekly Applications Survey covers more than 75 percent of all retail residential mortgage applications. Last week, the survey found average contract interest rates for 30-year fixed-rate mortgages unchanged from the previous week at 3.76 percent. The average 30-year rate on jumbo loans decreased to 4.03 percent. But despite mortgage rates near record lows, the Market Composite Index, which measures total mortgage application volume, was down 4.5 percent. The drop was due to a 5.0 percent decline in the Refinance Index and a 2.0 percent dip in the Purchase Index. Still, the refinance share of total mortgage activity remained at 81 percent for the week. More here.

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Study Examines Americans’ Attitudes Toward Purchasing A Home

According to a study from the Mortgage Bankers Association titled The Great Recession and Attitudes Toward Homebuying, nearly 80 percent of American households believe now is a good time to purchase a home. The research examined consumer attitudes toward homeownership before, during, and after the most recent recession using 30 years of data from the University of Michigan’s Survey of Consumer Attitudes. The findings show despite slow economic growth and high unemployment, Americans overwhelmingly say conditions are good for buyers. The positive perception was particularly strong among young, educated, white and Hispanic Americans. Michael Fratantoni, MBA’s vice president of research and economics, said the study shows young households still value homeownership and that homebuyer sentiment has returned to its long-term average. More here.

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About Alex

Alex Romo is one the leaders in the mortgage lending industry. With over 10 years of experience, Alex has grown to be one of the top originating Loan Officers in the country. His extensive knowledge of today's programs and the ability to offer the best options for his clients has earned him a high level of respect with his Realtor partners.

Alex utilizes state-of-the-art client follow-up systems to provide superior service.

Alex specializes in referrals from past clients and works closely with Realtors in Chicago and the south and west suburbs where he has personal knowledge of the communities and neighborhoods.

The powerful combination of mortgage industry expertise, local market sensitivity, and top-notch customer service ensure a smooth transaction experience for clients and real estate professionals alike.

“My favorite part about my career is helping those who dream of homeownership achieve that goal,”

Expert in:
FHA Lending
First Time Home Buying
IHDA/USDA/VA
Credit Repair
Equity Repositioning
Jumbo Lending
Commercial Lending

Contact:

Alexander Romo

Senior Vice President
The Federal Savings Bank
300 N. Elizabeth St 3E
Chicago, IL 60607
Office: 312-738-8430
Cell: 773-550-2539
Fax: 312-628-8311
NMLS# 217060

Testimonials

**Alex is one of the best loan officers I have worked with. He is very skilled and gets the job done. He is great with his clients and walks them through the process from start to finish. He is hard working and very responsive to all his deals he takes pride in his work. I would give Alex 5 stars give him a call you will not be disappointed
- Marlene B. Realtor

**When we found a home at the beginning of January 2014, due to some pressing situations, Alex was certain we could close at the end of the month. And we did!!!! He was actually ready to close a week earlier. His knowledge of the market and about upcoming rule changes to home financing were very helpful for us to decide to buy a home. I would certainly recommend him to anyone looking to finance a home
- Mallari and Robert

**Alex was very helpful during the entire process. He took the time out to explain every step of the loan process from start to finish. Every time that I had an issue Alex was always a phone call away, and he actually answered it. No voice mail, which gave my wife some piece of mind. He did a great job, and I would recommend him to anyone.
- Anthony P.

**Alex, it was truly a blessing having you to work with, thank u so much for everything and for explaining everything to me in my language.
- Charles R. Jr.

**I was looking for a home in the Chicago area and because of my current credit situation I looked to my father to apply for the loan instead of applying myself. My father was a preferred customer at Bank of America and according to our loan officer there, it was a sure deal that the loan would be approved. After a long period of time and very little communication the loan was declined with no immediate explanation. After that whole mess, I was in contact with Alex Romo, not only did he get an approval but he helped me get my credit in line and I was approved by myself. I highly recommend that anyone looking to get a home loan contact Alex. He knows the mortgage process inside and out.
- Eric H.

**Alex really does go above and beyond in helping you get the mortgage that is right for you and your family. He is knowledgeable and more importantly he takes the time to EXPLAIN the often times too wordy jargon that is mortgage language.
- Janie

**Alexander Romo takes the stress out of purchasing a home! Alexander took care of everything for my family while applying for a loan. Alexander was with us from start to finish! When purchasing a home, I highly recommend Alexander when looking for a great loan!
- Jason P.

**Alex has been a pleasure to work with on a number of legal transactions. His extensive knowledge, initiative, responsiveness, and hard work are only overshadowed by his honesty and integrity. I wouldn't hesitate to refer any of my clients to Alex for their borrowing needs!
- Attorney Jay R.

**Alex was very Helpful, and was the only person that was able to get me approved. many others tried but just couldn’t close the deal. Thanks Alex
- Juan A.

**My experience with Alex has been great. He is very quick and responsive and does a great job for his client.
- Margaret L.

**Alex really knows how to take care of his clients. From beginning to end, he was always available to answer questions. His knowledge of the housing market puts him at the top!
If you're in the market to purchase, Alex is your guy! I will recommend Alex to everybody I know
- Maria O.

**Alex is great with follow up and has tenacity to get you or your client the best rate and make the deal work for everyone.
- Phil B. Realtor

**Alex is very professional as a loan originator for The Federal Savings Bank. He follows up with his clients and attends all his closings. I would feel compfortable in recommending him to my follow colleagues.
- Sylvia R. Realtor

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