RealtyTrac is out with their report on mortgage activity for the Chicago area and while it shows a decline, the important fact is inside the numbers.
Through the entire first quarter, lenders saw a 16 percent decline from the previous year but purchase loans, the most important indicator of market activity, is actually up 11 percent over the previous year.
Refinancings fell 26 percent, meanwhile.
“After a surprisingly strong 2015, the mortgage refinancing market started running out of steam in the first quarter of 2016, despite lower mortgage interest rates,” said Daren Blomquist, the senior vice president at RealtyTrac.
Read more and check out a nifty chart at Chicago Agent Magazine here.