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Specialists in FHA, VA, Fannie Mae & Freddie Mac Conforming Loans, Purchase, Refinance, & Reverse Mortgages

American Mortgage Loan Services is a locally owned, Florida Mortgage Broker.  For over 30 years American Mortgage has been providing mortgage assistance to Florida communities.  Our loan officers work with our clients to create a desirable mortgage that will best fit their needs and goals.  Our Daytona Beach, Port Orange, Florida, loan officers can provide you with an affordable Fannie Mae, Freddie Mac, VA, USDA, FHA or Reverse mortgage, for your purchase or refinance needs.

American Mortgage is here to help you achieve the American Dream of owning your own home.  We offer Mortgage Loans for customers with various types of credit records.  Whether you want a fixed rate mortgage, adjustable-rate mortgage, a home equity loan, refinance, purchase, investment, second home, or debt consolidation, we have a loan for you with the lowest rates available.

Thank you for visiting American Mortgage online.  We hope you enjoy your stay today and gain insight into conventional mortgages and other types of lending options.  As a locally owned mortgage broker, we understand things the big banks don't and realize that only two things matter. 

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Mortgage News

Refinancing Volume Highest in Nearly Two Years

July 17 2024

Mortgage application activity staged a moderately strong recovery from the previous holiday-shortened week, although the recovery was attributable solely to the refinance side of the business. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, increased 3.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was up 30 percent. The Refinance Index surged by 15.0 percent compared to the previous week and was 37 percent higher than the same week one year ago. The refinance share of mortgage activity jumped to 38.8 percent of total applications from 34.9 percent and was the largest since mid-December 2023. [refiappschart] Purchasing on the other hand declined 3.0 percent after seasonal adjustment although it was up 22 percent before it. The Purchase Index was 14 percent lower than during the same week one year ago. [purchaseappschart] “Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower. The 30-year fixed rate declined to 6.87 percent, the lowest rate since March 2024,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Application activity was up 4 percent, driven by a 15 percent jump in refinances to the highest level since August 2022. While FHA and VA refinance applications accounted for a significant share of the increase, these are likely recently originated loans with even higher than current offered rates. Even with last week’s rate decline, purchase applications continue to lag, down 14 percent compared to last year’s pace.”

Rates Continue to Depress Builders as Well as Sales

July 16 2024

The National Association of Home Builders (NAHB) blamed high interest for lagging new home sales and the resulting dampened industry confidence in building them. NAHB chief economist Robert Deitz said mortgage rates averaged 6.92 percent last month and rates for construction and development loans were also elevated. The NAHB/Wells Fargo Housing Market Index (HMI), an indicator of home builders’ confidence in the market for newly constructed homes, was down 1 point in July to 42, the lowest reading since last December. Derived from a monthly survey that NAHB has been conducting for more than 35 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor. The HMI index charting current sales conditions in July fell 1 point to 47 and the gauge charting traffic of prospective buyers also declined by a single point to 27. The component measuring sales expectations in the next six months increased 1 point to 48. Deitz said that, while buyers seem to be waiting for lower interest rates, the six-month sales expectation for builders moved higher, indicating that builders hope for lower rates later this year as inflation data are showing signs of easing.

Higher Rates Suppress Mortgage Application Volume

July 10 2024

Mortgage applications declined slightly on a seasonally adjusted basis last week but plummeted on an unadjusted basis during the July 4th week. The week’s results include an additional adjustment to account for the holiday. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 0.2 percent on a seasonally adjusted basis from one week earlier but lost 20.0 percent before adjustment.   The Refinance Index decreased 2.0 percent from the previous week but was 28.0 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 34.9 percent of total applications from the previous 35.7 percent. [refiappschart] The seasonally adjusted Purchase Index managed a 1.0 percent gain while the unadjusted Purchase Index dropped 19.0 percent.  The purchase index was 13.0 percent lower than the same week one year ago. [purchaseappschart] “The recent uptick in mortgage rates has slowed demand. Mortgage applications were essentially flat last week, as mortgage rates remained around 7 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase activity picked up slightly, driven primarily by increases in FHA and VA applications. Refinance applications decreased for the fourth consecutive week, in line with higher rates. Although home equity gains have been significant in recent years, most borrowers do not have much of an incentive to refinance at current rates. ”

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