{"id":1145,"date":"2017-02-22T00:00:00","date_gmt":"2017-02-22T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-sluggish-heading-into-spring\/"},"modified":"2017-02-22T00:00:00","modified_gmt":"2017-02-22T00:00:00","slug":"loan-demand-sluggish-heading-into-spring","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-sluggish-heading-into-spring\/","title":{"rendered":"Loan Demand Sluggish Heading Into Spring"},"content":{"rendered":"

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As real estate<\/a> heads into its busy spring season, consumers aren’t showing typically large demand for mortgage<\/a> loans<\/a> just yet. Total mortgage application volume, which includes refinances and home purchases, dropped 2 percent week over week for the week ending Feb. 17, the Mortgage Bankers Association reports. Total mortgage volume has plunged nearly 21 percent from a year ago.<\/p>\n

Refinancing applications has shouldered most of the blame for the decrease; homeowners have had less incentive to refinance as mortgage rates rise. Refinance volume was down 1 percent week over week, reaching its lowest level so far this year. It is now down 40 percent from a year ago.<\/p>\n

However, “purchase applications are not increasing as fast as is typically expected at this time of the year,” says Joel Kan, the MBA’s associate vice president of industry surveys and forecasting. Purchase applications dropped 3 percent week over week on a seasonally adjusted basis.<\/p>\n

The 30-year fixed-rate mortgage averaged 4.36 percent last week, up from 4.32 percent the prior week, the MBA reports. “Rates were up last week as markets assessed that the Fed might increase rates sooner than expected on the strength of a recent pick-up in inflation readings,” Kan says.<\/p>\n

Source: \u201cMortgage Applications Fall 2% as Buyers Slow to Start Spring Shopping Season,\u201d CNBC (Feb. 22, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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[ad_1] As real estate heads into its busy spring season, consumers aren’t showing typically large demand … Loan Demand Sluggish Heading Into Spring<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1146,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[15239,12908,543,627,604,408,1032,120,1295,1007,41,818,84],"class_list":["post-1145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-chase","tag-home","tag-home-buying-guide","tag-homeowners","tag-loans","tag-mortgage","tag-mortgage-bank","tag-mortgage-loan","tag-mortgage-rate","tag-owners","tag-property","tag-real","tag-real-estate"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/CYyTqzcMISY","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":783,"url":"https:\/\/amazingproperty.com.ng\/blog\/refinancing-pullback-stalls-loan-demand\/","url_meta":{"origin":1145,"position":0},"title":"Refinancing Pullback Stalls Loan Demand","author":"Amazing Property","date":"February 15, 2017","format":false,"excerpt":"[ad_1] Refinancing volume dipped to its lowest level since June 2009\u00a0and prompted overall mortgage application volume to drop 3.8 percent on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Total mortgage application volume \u2013 which also includes applications for home purchases \u2013 is now nearly 31 percent lower\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6013,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-supply-woes-causing-loan-demand-drop\/","url_meta":{"origin":1145,"position":1},"title":"Are Supply Woes Causing Loan Demand Drop?","author":"Amazing Property","date":"August 30, 2017","format":false,"excerpt":"The number of mortgage applications for home purchases continues to underwhelm, despite rates being at their lowest levels since November. Mortgage applications for purchasing a home dropped 3 percent last week on a seasonally adjusted basis. The annual gain\u00a0in purchase applications remains\u00a0positive (4 percent higher than a year ago), but\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"mortgage_Activity_083017.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage_Activity_083017.png?fit=600%2C315&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage_Activity_083017.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage_Activity_083017.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6503,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/","url_meta":{"origin":1145,"position":2},"title":"Loan Demand Stalls as Buyers, Owners Pause","author":"Amazing Property","date":"October 4, 2017","format":false,"excerpt":"Mortgage applications to purchase a home and for refinancing barely budged last week, the Mortgage Bankers Association reported Wednesday. Economists are blaming the stall in loan demand on rising interest rates and rising home prices. 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