Arvest Makes Mortgage Message
by February 25, 2008 12:00 am 102 views
Everyone is looking for real estate market indicators – good or bad – so they can adjust their plans for 2008 and 2009. This may not be the end-all, be-all, but here’s a bit of good news for those who think the media always hypes the doom and gloom:
Arvest Bank Group’s mortgage division – which includes markets in central Arkansas, Oklahoma, Missouri and Kansas – is off to a great start. The company saw $220 million worth of mortgage applications in January, up from a year prior, and indicators are that February will have a very strong showing.
One Arvester said some of those were refinance apps, but there’s a solid base of new purchases, which is encouraging to many industries.
It seems the subprime mess at the national level may have driven some customers back to local and regional banks they trust, even if it costs a quarter point or so.