{"id":3300,"date":"2017-04-12T00:00:00","date_gmt":"2017-04-12T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/loan-applications-rise-as-rates-hit-2017-low\/"},"modified":"2017-04-12T00:00:00","modified_gmt":"2017-04-12T00:00:00","slug":"loan-applications-rise-as-rates-hit-2017-low","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/loan-applications-rise-as-rates-hit-2017-low\/","title":{"rendered":"Loan Applications Rise as Rates Hit 2017 Low"},"content":{"rendered":"

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More buyers moved to lock in rates last week, as mortgage<\/a> costs dipped to their lowest average of the year. Total mortgage application activity\u2014which includes loans<\/a> for home buying and refinancing\u2014increased 1.5 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Purchase applications\u00a0made up most of that increase, rising 5 percent week-over-week and now sitting 3 percent higher than the same week a year ago.<\/p>\n

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Read NAR Chief Economist Lawrence Yun’s latest column.<\/p>\n<\/blockquote>\n

“The spring housing<\/a> market is off to a solid start,” says Michael\u00a0Fratantoni, MBA’s chief economist. “Despite the relatively weak job report for March, job growth is averaging almost 180,000 [a month] so far this year, providing a strong support for the home purchase<\/a> market.”<\/p>\n

Lower mortgage rates were also an incentive last week for buyers to lock in rates. Interest rates dropped for the third consecutive week, with the 30-year fixed-rate mortgage averaging 4.28 percent, a new low for 2017, MBA reports.\u00a0<\/p>\n

Still, mortgage rates are higher than they were in the fall, which has left fewer borrowers with reason to refinance. Therefore, applications for refinancings last week were 40 percent lower than the same week a year ago.<\/p>\n

Source: \u201cMortgage Applications Rise 1.5 Percent as Interest Rates Fall to 2017 Low,\u201d CNBC (April 12, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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More buyers moved to lock in rates last week, as mortgage costs dipped to their lowest … Loan Applications Rise as Rates Hit 2017 Low<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3301,"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":[1403,15239,12908,543,344,9488,604,408,1032,1295,41,818],"class_list":["post-3300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-home","tag-home-buying-guide","tag-housing","tag-interest-rates","tag-loans","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\/4VlCK-zmuEg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1965,"url":"https:\/\/amazingproperty.com.ng\/blog\/borrowers-lock-in-loans-as-rates-surge\/","url_meta":{"origin":3300,"position":0},"title":"Borrowers Lock in Loans as Rates Surge","author":"Amazing Property","date":"March 15, 2017","format":false,"excerpt":"Mortgage interest rates climbed to their highest level since 2014 last week, and consumers are rushing to lock in rates before any further increases, the Mortgage Bankers Association reported Wednesday. 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