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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.
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After a Memorial Day-induced lull, mortgage application activity rebounded sharply last week, according to the Mortgage Bankers Association’s (MBA) latest survey. Both purchase and refinance demand climbed to their highest levels in over a month, with the composite index rising 12.5% on a seasonally adjusted basis. “Coming out of the Memorial Day holiday, mortgage applications increased to the highest level in over a month, driven by growth in both purchase and refinance applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Despite ongoing uncertainty surrounding the economy, homebuyers seem to be taking advantage of loosening housing inventory in certain markets.” Refinance applications jumped 16% on the week and are now 28% higher than the same week last year. Purchase apps rose 10% week-over-week and are now running 20% above 2024 levels, marking a continuation of the strong year-over-year gains seen in recent reports. There are only 2 other weeks with higher purchase index readings going back to May 2023, and they were only barely higher. It should be noted that refi index, while not officially seasonally adjusted does include a smoothing adjustment for holiday weeks. Last week's data noted a Memorial Day adjustment, one that is not present in the current week's data. Because certain holidays fall on a different day of the week, adjusting for them is an imperfect science. In all likelihood, if we could completely remove seasonality and holiday effects, last week's refi index would have been stronger and the present week would have shown a much smaller increase.
The Mortgage Bankers Association’s (MBA) latest survey showed a pullback in mortgage applications, with rates dipping slightly after a three-week climb. The week’s numbers were also affected by the Memorial Day holiday, contributing to larger unadjusted declines. Still, the broader trend remains intact, with purchase demand continuing to outperform last year despite short-term rate volatility. “Most mortgage rates moved lower last week, with the 30-year fixed rate declining to 6.92 percent and staying in the 6.8 to 7 percent range since April,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. He noted that purchase applications remain 18 percent higher than the same week last year, driven in part by a modest rise in FHA activity. Meanwhile, refinance activity fell again, and the average refi loan size dropped to the lowest level since July 2024, suggesting borrowers are still holding out for better rates. Seasonally adjusted refinance applications fell 4 percent from the previous week, while purchase apps also declined 4 percent. On an unadjusted basis, both categories dropped by 15 percent, though the year-over-year numbers remain solid: purchases are up 18 percent and refis are up 42 percent versus this time in 2024. Mortgage Rate Summary:
The National Association of Realtors' Pending Home Sales Index (PHSI)—which tracks contract signings on existing homes—has spent more than two years stuck in a rut, held back by affordability constraints and the lingering impact of elevated mortgage rates. April's update didn’t do the market any favors, but it also didn’t tell us anything particularly new. Pending sales dropped by 6.3% in April, marking the sharpest monthly decline since mid-2022 . The index fell to 71.3 , its third-lowest level on record , and is now 2.5% lower than a year ago . That sounds like a big move—and it is, on paper—but zooming out, the broader trend remains one of stagnation. We’re still very much bouncing around at the bottom of a severely depressed range that’s held steady for the better part of a year. “With mortgage rates still hovering around 7%, home sales are stagnant as more homebuyers remain on the sidelines,” said NAR Chief Economist Lawrence Yun. “There are job additions and income gains, but consumers are hesitant to move without meaningful rate relief. Increasing inventory and lowering mortgage rates will get more buyers and sellers back into the market.”
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