{"id":3010,"date":"2017-04-05T00:00:00","date_gmt":"2017-04-05T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/loan-activity-constrained-by-prices-inventory\/"},"modified":"2017-04-05T00:00:00","modified_gmt":"2017-04-05T00:00:00","slug":"loan-activity-constrained-by-prices-inventory","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/loan-activity-constrained-by-prices-inventory\/","title":{"rendered":"Loan Activity Constrained by Prices, Inventory"},"content":{"rendered":"

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A decrease in refinancing activity\u2014due to the uptick in mortgage<\/a> rates since November 2016\u2014has curtailed overall mortgage application activity in recent weeks. It\u2019s again what was behind the 1.6 percent drop in total mortgage applications last week, the Mortgage Bankers Association reported Wednesday.<\/p>\n\n

Applications for refinances dropped 4 percent last week and are now 33 percent below a year ago.<\/p>\n\n

Meanwhile, applications for home purchases are performing much stronger, rising 1 percent last week and now 8 percent higher than a year ago. Housing<\/a> analysts say that purchase activity could be much higher, if it weren\u2019t for high prices and a tight supply of homes for-sale in many markets.<\/p>\n\n

“Home prices continue to grow at a torrid pace so far in 2017, and these gains are likely to continue well into the future,” says Frank Martell, president and CEO of CoreLogic. “Home prices are at peak levels in many major markets.”<\/p>\n\n

Mortgage rates haven\u2019t fluctuated too much over the past few weeks, giving borrowers a temporary reprieve. The average 30-year fixed-rate mortgage was 4.34 percent last week, up slightly from 4.33 percent the week prior.<\/p>\n\n

“Markets appeared to hit pause last week, with little new information emerging about upcoming administrative or legislative policy changes,” says Lynn Fisher, the MBA’s vice president of research and economics.<\/p>\n\n

Source: \u201cMortgage Applications Fall 1.6%, But Average Loan<\/a> Size Hits Record High,\u201d CNBC (April 5, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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A decrease in refinancing activity\u2014due to the uptick in mortgage rates since November 2016\u2014has curtailed overall … Loan Activity Constrained by Prices, Inventory<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3011,"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":[4751,15239,1418,12908,543,127,1329,408,1032,1295,41,818],"class_list":["post-3010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-chase","tag-fish","tag-home","tag-home-buying-guide","tag-homes","tag-loan","tag-mortgage","tag-mortgage-bank","tag-mortgage-rate","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/lXw9mPimfsY","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6503,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/","url_meta":{"origin":3010,"position":0},"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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Volume is now just 3.5 percent higher than a\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 022118.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgage_Activity_022118.png?fit=620%2C326&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgage_Activity_022118.png?fit=620%2C326&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgage_Activity_022118.png?fit=620%2C326&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3871,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-mortgage-rates-boost-loan-demand\/","url_meta":{"origin":3010,"position":2},"title":"Lower Mortgage Rates Boost Loan Demand","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"Total mortgage activity\u2014which includes applications for refinancings and home purchases\u2014rose 2.7 percent on a seasonally adjusted basis as homeowners rushed to take advantage of lower mortgage rates. The refinance market was what drove last week\u2019s increase, rising 7 percent week over week as mortgage rates dropped to the lowest level\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":6765,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-volume-back-down-again\/","url_meta":{"origin":3010,"position":3},"title":"Mortgage Volume Back Down Again","author":"Amazing Property","date":"October 25, 2017","format":false,"excerpt":"Mortgage applications reversed course last week after a brief rebound the week before. Total volume for refinancings and home purchases plunged 4.6 percent on a seasonally adjusted week-over-week basis, the Mortgage Bankers Association reported Wednesday. The index is now 19 percent lower than the same week a year ago. Home\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 102517.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Mortgage_Activity_102517.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\/10\/Mortgage_Activity_102517.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Mortgage_Activity_102517.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":783,"url":"https:\/\/amazingproperty.com.ng\/blog\/refinancing-pullback-stalls-loan-demand\/","url_meta":{"origin":3010,"position":4},"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":4131,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-applications-to-buy-spring-ahead-5\/","url_meta":{"origin":3010,"position":5},"title":"Loan Applications to Buy Spring Ahead 5%","author":"Amazing Property","date":"May 3, 2017","format":false,"excerpt":"Home buyers are returning to the mortgage market, undeterred by rising mortgage rates. Mortgage applications to buy a home, viewed as a gauge of future home-buying activity, climbed 4 percent last week on a seasonally adjusted basis. 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