Atlanta Mortgage Applications, Home Purchases On the Rise Industry professionals expect 10-20 percent increase in mortgage originations in 2017
With the economy and employment rates continuing to improve, LoanDepot’s Imortgage Branch Manager Dan Quinnelly says metro Atlanta is likely to become even more of a purchase market in 2017.
“When you look at the total number of mortgage applications, purchases are increasing, which is good for what we do,” says Quinnelly, who adds, “some experts are forecasting that there may be anywhere from a 10-20 percent increase in mortgage originations in 2017 versus 2016 — sure signs that the housing market continues to rebound.”
During 2016, mortgage rates started on the low side of 4 percent and trended to the mid-3 percent range for a 30-year mortgage. During the same time, a 15-year mortgage trended to the high 2 percent range. “Rates have been at historical lows,” Quinnelly says. “There are many reasons why rates maintained these low levels this past year. Reason No. 1 is inflation. Also, the cost of funds — the U.S. Treasury Department and the Federal Reserve System upheld the discounted federal fund rates close to zero for an extended period of time. And lastly, supply and demand.”
Quinnelly adds that metro Atlanta rates are typically slightly below national average because of the competitive market, and that rates in 2016 were lower than in 2014 and 2015 but “on par” with 2013, which also saw historical lows.
He goes on to say that the current forecast by the Mortgage Bankers Association and the Federal National Mortgage Association sets 2017 rates to range from the mid-3 percent to mid-4 percent for a 30-year mortgage. However, keep in mind this forecast was published prior to the presidential election in November. Since then, rates have increased by approximately half a percent, now ranging from high 3 percent to low 4 percent for a 30-year mortgage.
“We should expect rates in Atlanta to follow national trends,” Quinnelly concludes. “Some economists are predicting a slight increase as the economy continues to improve post-crisis.”
Dan Quinnelly (NMLS #546531) is an Atlanta native and branch manager of LoanDepot’s Imortgage Atlanta lending store located at 115 Perimeter Center Place, Suite 800. With more than 25 years of experience in the mortgage industry, he has led the Atlanta team since 2014. He credits his success to his extensive product and industry knowledge and outstanding customer service. He is devoted to providing an excellent experience each time he works with an Imortgage customer, from the first phone call to the last day of loan repayment. He also believes a mortgage is a relationship, not a transaction, and he values each opportunity to exceed his clients’ expectations. He was previously honored with the prestigious Platinum Award for the Mortgage Bankers Association of Georgia and is a licensed mortgage loan officer in Georgia, South Carolina, and Florida. To contact Quinnelly, email him at email@example.com.