Twenty7Tec Issues Daily Mortgage Statistics: March 24 Release
Twenty7Tec, a leading provider of technology solutions to the mortgage industry, this morning issues the daily mortgage statistics from Monday 23 March.
Using the company’s INSIGHT platform, it will be providing free daily market analysis reports during the Covid-19 crisis.
Statistics from the mortgage market from Monday 23 March 2020:
- The volume of searches yesterday was down 15.46% on the same day last week.
- The volume of documents prepared yesterday was down 5.4% on the same day last week.
- The total value of loans documented yesterday was down 3.4% on the same day last week.
- The volume of searches yesterday was down 18.77% on the same day two weeks ago.
- The volume of documents prepared yesterday was down 13.3% on the same day two weeks ago.
- The total value of loans documented yesterday was down 14.14% on the same day two weeks ago.
- The volume of searches to the 7 days ending yesterday was down 11.81%
Commentary: James Tucker, CEO of mortgage technology provider Twenty7Tec says:
“The number of mortgage searches from Monday this week are down 15.5% compared to Monday last week. The number of was also down by almost 12% for the seven days to yesterday compared to the week before.
“In ‘normal’ weeks, we’d see a Monday spike in activity as weekend viewings turn into mortgage searches, but this has been flatter for the past couple of weeks, with the rest of the week then failing to make up the difference.
“Remortgaging levels are very consistent over the past week, with the dips in activity coming from the purchase side. That said, the purchase versus remortgaging split is currently hovering around long-term averages at 47:53.
“In a couple of days’ time, we’ll be able to see how much the three-month mortgage holiday has been able to shore up confidence in the mortgage market as we will be able to compare the whole week after the announcement with the week prior. The Chancellor’s announcement last Tuesday will have taken time to filter through the system, so it will be interesting to see how much difference it has made.”
Kindly shared by Twenty7Tec