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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 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 “Mortgage rates increased last week as remarks by several key Federal Reserve officials strongly signaled a March rate increase,” says Joel Kan, an MBA economist. “This was further supported by a few solid economic data releases, including GDP, inflation, and manufacturing gauges.\u201d<\/p>\n\n 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 The share of ARMs reached its highest level of mortgage applications since 2014. The average loan<\/a> size for purchase applications also reached a survey high of $313,000, the MBA reports.\u00a0<\/p>\n\n 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 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 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
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