{"id":1699,"date":"2017-03-08T00:00:00","date_gmt":"2017-03-08T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/the-race-is-on-to-snag-a-low-rate\/"},"modified":"2017-03-08T00:00:00","modified_gmt":"2017-03-08T00:00:00","slug":"the-race-is-on-to-snag-a-low-rate","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/the-race-is-on-to-snag-a-low-rate\/","title":{"rendered":"The Race Is On to Snag a Low Rate"},"content":{"rendered":"<p>\n<\/p>\n<div readability=\"48.696361355082\">\n<!--\n\n<pre>-->  \n  <div property=\"dc:description\" readability=\"44.877038895859\"><!--paging_filter--><p>Borrowers are getting spooked by rising rates and, as a result, they\u2019re rushing to lock in rates before any further increases. That\u2019s pushing <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">mortgage<\/a> application volume higher, increasing a seasonally adjusted 3.3 percent week over week, the Mortgage Bankers Association reported Wednesday. Buyers are also increasingly turning to adjustable-rate mortgages to try to get more savings in their monthly payments too.\u00a0<\/p>\n\n<p>&#8220;Mortgage rates increased last week as remarks by several key Federal Reserve officials strongly signaled a March rate increase,&#8221; says Joel Kan, an MBA economist. &#8220;This was further supported by a few solid economic data releases, including GDP, inflation, and manufacturing gauges.\u201d<\/p>\n\n<p>The 30-year fixed-rate mortgage increased to 4.36 percent from 4.30 percent the previous week, the MBA reports.\u00a0<\/p>\n\n<p>The share of ARMs reached its highest level of mortgage applications since 2014. The average <a class=\"wpil_keyword_link\" href=\"https:\/\/amazingproperty.com.ng\/blog\/get-real-estate-loan-for-real-estate-investors\"   title=\"loan\" data-wpil-keyword-link=\"linked\">loan<\/a> size for purchase applications also reached a survey high of $313,000, the MBA reports.\u00a0<\/p>\n\n<p>Refinance volume was up 5 percent last week. Applications for home purchases rose 2 percent higher for the week and are about 4 percent higher than a year ago, the MBA found.\u00a0<\/p>\n\n<p>The MBA says mortgage volume remains 18 percent lower compared to the same week a year ago. Volume is mostly lower from a year ago due to a significant decrease in refinance applications from a year ago when interest rates were lower. Refinance volume is down 34 percent annually, the MBA reports.\u00a0<\/p>\n\n<p><em>Source: \u201cBorrowers Rush to Beat Rising Rates, Pushing Mortgage Volume 3.3% Higher,\u201d CNBC (March 8, 2017)<\/em><\/p>\n<\/div>\n  \n    \n<\/pre>\n\n<\/div>\n\n\n<br \/>[ad_2]\n<br \/><a href=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/mr7JKq6HfIY\/race-snag-low-rate\"> link <\/a>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Borrowers are getting spooked by rising rates and, as a result, they\u2019re rushing to lock in &hellip; <a title=\"The Race Is On to Snag a Low Rate\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/the-race-is-on-to-snag-a-low-rate\/\"><span class=\"screen-reader-text\">The Race Is On to Snag a Low Rate<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1700,"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":true,"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":[4751,15239,12908,543,408,1032,312,41,818],"class_list":["post-1699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-chase","tag-home","tag-home-buying-guide","tag-mortgage","tag-mortgage-bank","tag-mortgages","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/mr7JKq6HfIY","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":8393,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-still-climbing-not-fading\/","url_meta":{"origin":1699,"position":0},"title":"Mortgage Rates Still Climbing, Not Fading","author":"Amazing Property","date":"February 23, 2018","format":false,"excerpt":"The 30-year fixed-rate mortgage shows little signs of stopping its gradual move upwards week to week. This marks the seventh consecutive week for higher mortgage rates, and rates continue to be at a four-year high. \u201cFixed mortgage rates increased for the seventh consecutive week, with the 30-year fixed mortgage rate\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Rates022218.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/rates022218.png?fit=620%2C252&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/rates022218.png?fit=620%2C252&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/rates022218.png?fit=620%2C252&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7998,"url":"https:\/\/amazingproperty.com.ng\/blog\/fed-move-doesnt-suppress-mortgage-rates\/","url_meta":{"origin":1699,"position":1},"title":"Fed Move Doesn\u2019t Suppress Mortgage Rates","author":"Amazing Property","date":"February 2, 2018","format":false,"excerpt":"The Federal Reserve may have voted to leave its short-term interest rates unchanged this week,\u00a0but that didn\u2019t stop lenders from moving up mortgage rates. Average mortgage rates are continuing an upward trend in 2018. Read more: Fed Leaves Rates Alone, But Hikes Coming \u201cThe Federal Reserve did not hike rates\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Rates020118.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/rates020118.png?fit=620%2C252&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/rates020118.png?fit=620%2C252&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/rates020118.png?fit=620%2C252&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7911,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-continue-to-inch-upwards\/","url_meta":{"origin":1699,"position":2},"title":"Mortgage Rates Continue to Inch Upwards","author":"Amazing Property","date":"January 26, 2018","format":false,"excerpt":"Fixed-rate mortgages increased again this week, the third consecutive week to see a rise. \u201cRates keep climbing,\u201d says Len Kiefer, Freddie Mac\u2019s chief economist. \u201cThe 10-year Treasury yield reached its highest point since 2014 reflecting expectations of broad-based economic growth. Mortgage rates, in turn, followed the surge in Treasury yields.\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Rates012518.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/rates012518.png?fit=620%2C252&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/rates012518.png?fit=620%2C252&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/rates012518.png?fit=620%2C252&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7478,"url":"https:\/\/amazingproperty.com.ng\/blog\/despite-fed-move-mortgage-rates-hold-steady\/","url_meta":{"origin":1699,"position":3},"title":"Despite Fed Move, Mortgage Rates Hold Steady","author":"Amazing Property","date":"December 15, 2017","format":false,"excerpt":"Mortgage rates were in a holding pattern this week, even after the Federal Reserve voted Wednesday to hike its benchmark interest rate. \u201cAs widely expected, the Fed increased the federal funds target rate this week for the third time in 2017,\u201d says Len Kiefer, Freddie Mac\u2019s deputy chief economist. \u201cThe\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Rates121417.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/rates121417.png?fit=620%2C252&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/rates121417.png?fit=620%2C252&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/rates121417.png?fit=620%2C252&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4973,"url":"https:\/\/amazingproperty.com.ng\/blog\/after-steady-decline-mortgage-rates-rise\/","url_meta":{"origin":1699,"position":4},"title":"After Steady Decline, Mortgage Rates Rise","author":"Amazing Property","date":"June 16, 2017","format":false,"excerpt":"[ad_1] Mortgage rates increased this week for the first time in more than a month, but they still remain near their yearly lows. \u201cThe 30-year mortgage rate rose 2 basis points over the week to 3.91 percent,\u201d says Sean Becketti, Freddie Mac\u2019s chief economist. \u201cHowever, our survey was conducted before\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/rates061517.png?fit=620%2C252&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/rates061517.png?fit=620%2C252&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/rates061517.png?fit=620%2C252&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6602,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-take-a-leap-this-week\/","url_meta":{"origin":1699,"position":5},"title":"Mortgage Rates Take a Leap This Week","author":"Amazing Property","date":"October 13, 2017","format":false,"excerpt":"Borrowers saw financing costs for a mortgage move higher this week. The 30-year fixed-rate mortgage posted its largest week-over-week increase since July. \u201cThe 30-year mortgage rate increased for a second consecutive week, jumping 6 basis points to 3.91 percent,\u201d says Sean Becketti, Freddie Mac\u2019s chief economist. \u201cThe 10-year Treasury yield\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Rates101317.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/rates101317.png?fit=620%2C252&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/rates101317.png?fit=620%2C252&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/rates101317.png?fit=620%2C252&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=1699"}],"version-history":[{"count":1,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1699\/revisions"}],"predecessor-version":[{"id":90424,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1699\/revisions\/90424"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/1700"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=1699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=1699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=1699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}