{"id":2708,"date":"2017-03-29T00:00:00","date_gmt":"2017-03-29T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-ease-borrowers-not-pouncing\/"},"modified":"2017-03-29T00:00:00","modified_gmt":"2017-03-29T00:00:00","slug":"mortgage-rates-ease-borrowers-not-pouncing","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-ease-borrowers-not-pouncing\/","title":{"rendered":"Mortgage Rates Ease, Borrowers Not Pouncing"},"content":{"rendered":"

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A slight drop in mortgage<\/a> rates last week did not lead<\/a> to much mortgage activity. Total mortgage application volume\u2014for refinances and home purchases\u2014mostly stayed flat last week, dropping by a mere 0.8 percent compared to the previous week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.<\/p>\n

The MBA reported the average for a 30-year fixed-rate mortgage dropped to 4.33 percent last week from 4.46 percent the week prior.<\/p>\n

Mortgage applications are now 11 percent lower than the same week one year ago, mostly due to a drop in refinancing applications.<\/p>\n

Refinance applications saw a 3 percent decline last week and are down nearly 26 percent from a year ago, even when mortgage rates were higher. The decrease on the refinance side of business may prompt more mortgage bankers to turn their attention more to the purchase-side of mortgages. As such, lenders<\/a> may be more tempted to ease tight credit conditions as they try to better compete for business, CNBC reports.<\/p>\n

Meanwhile, applications for home purchases last week eeked out a 1 percent gain and are 4 percent higher than a year ago. Industry analysts say that purchase applications could be much stronger if there were higher inventories of homes available for sale.<\/p>\n

Demand is high but supply remains low. Real estate<\/a> professionals reported a 26 percent spike in the number of home tour requests in February, according to a monthly survey conducted by Redfin.<\/p>\n

\u201cThe only factor holding back sales this spring is supply,\u201d says Nela Richardson, Redfin\u2019s chief economist. \u201cLimited inventory, particularly for starter homes, has put a crimp in the 2017 market. We expect to see more listings<\/a> hit the market this spring, but there will still not be enough inventory to match homebuyer demand.\u201d<\/p>\n

Source: \u201cMortgage Applications Stay Flat Even as Rates Drop to Lowest in Three Weeks,\u201d CNBC (March 29, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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A slight drop in mortgage rates last week did not lead to much mortgage activity. Total … Mortgage Rates Ease, Borrowers Not Pouncing<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2709,"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":[1403,15239,62,12908,543,127,408,1032,1295,312,41,818],"class_list":["post-2708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-for-sale","tag-home","tag-home-buying-guide","tag-homes","tag-mortgage","tag-mortgage-bank","tag-mortgage-rate","tag-mortgages","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/pd5qTpeA0rA","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6584,"url":"https:\/\/amazingproperty.com.ng\/blog\/as-rates-rise-loan-demand-softens\/","url_meta":{"origin":2708,"position":0},"title":"As Rates Rise, Loan Demand Softens","author":"Amazing Property","date":"October 11, 2017","format":false,"excerpt":"Mortgage applications dropped across the board last week as interest rates surged to their highest levels since July, according to the Mortgage Bankers Association. Total application volume dropped 2.1 percent week-to-week on a seasonally adjusted basis, the MBA reported Wednesday. 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Total mortgage application volume, which includes refinancings and home purchases, increased 2.3 percent on a seasonally adjusted basis last week, the Mortgage Bankers Association reported Wednesday. That said, applications continue to run\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":8656,"url":"https:\/\/amazingproperty.com.ng\/blog\/drop-in-rates-still-doesnt-budge-loan-demand\/","url_meta":{"origin":2708,"position":2},"title":"Drop in Rates Still Doesn\u2019t Budge Loan Demand","author":"Amazing Property","date":"May 30, 2018","format":false,"excerpt":"Mortgage rates eased last week following recent increases, but would-be home buyers or refinancers didn\u2019t bite. Total mortgage application volume, which reflects for refinancings and home buying, dropped 2.9 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. This marked the sixth consecutive week of\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 053018.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/05\/Mortgage_Activity_053018.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\/2018\/05\/Mortgage_Activity_053018.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/05\/Mortgage_Activity_053018.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5761,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-not-swaying-borrowers\/","url_meta":{"origin":2708,"position":3},"title":"Lower Rates Not Swaying Borrowers","author":"Amazing Property","date":"August 17, 2017","format":false,"excerpt":"Mortgage rates dropped to the lowest averages since November, but that did little to entice home buyers and refinancers last week. The Mortgage Bankers Association reports that total mortgage application volume\u2014including for refinancing and home purchases\u2014eked out just a 0.1 percent week-over-week increase. 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