{"id":3556,"date":"2017-04-19T00:00:00","date_gmt":"2017-04-19T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/loan-applications-dip-despite-2017-rate-low\/"},"modified":"2017-04-19T00:00:00","modified_gmt":"2017-04-19T00:00:00","slug":"loan-applications-dip-despite-2017-rate-low","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/loan-applications-dip-despite-2017-rate-low\/","title":{"rendered":"Loan Applications Dip, Despite 2017 Rate Low"},"content":{"rendered":"

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Fewer home buyers and refinancers took advantage of the lowest rate of the year last week. Total mortgage<\/a> applications\u2014including for refinancings and home purchases\u2014dropped by 1.8 percent week over week, the Mortgage Bankers Association reported Wednesday. Mortgage applications are now down 23.5 percent from the same week a year ago.<\/p>\n

Even low mortgage rates don\u2019t seem to be enough incentive to spark greater activity among homeowners and would-be home buyers. The 30-year fixed-rate mortgage dropped to its lowest level of 2017, averaging 4.22 percent last week, the MBA reports.<\/p>\n

\u201cMortgage rates dropped to their lowest level since November 2016, as geopolitical tensions continued to rise,\u201d says Mike Fratantoni, the MBA\u2019s chief economist. Nevertheless, \u201crates are still too high to attract much interest from homeowners looking to refinance, and purchase activity was relatively weak.\u201d\u00a0<\/p>\n

Home purchase<\/a> applications dropped 3 percent compared to the previous week and are 1 percent below year-ago levels, the MBA reports. Applications for refinancings rose slightly by 0.2 percent week over week, but are down 41.5 percent from a year ago.<\/p>\n

“We do expect a pickup in purchase activity through the remainder of the spring season,\u201d Fratantoni says. \u201cWith a strong job market and signs of continuing economic growth, we are forecasting roughly 9 percent growth in purchase origination volume for 2017 relative to 2016.\u201d<\/p>\n

Source: \u201cMortgage Applications Drop 1.8%, Despite Lowest Interest Rates Since November,\u201d CNBC (April 19, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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Fewer home buyers and refinancers took advantage of the lowest rate of the year last week. … Loan Applications Dip, Despite 2017 Rate Low<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3557,"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":[1403,15239,5214,12908,543,627,9488,408,1032,1295,1007,41,818],"class_list":["post-3556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-from-home","tag-home","tag-home-buying-guide","tag-homeowners","tag-interest-rates","tag-mortgage","tag-mortgage-bank","tag-mortgage-rate","tag-owners","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/-p-OgQy7qqg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":5761,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-not-swaying-borrowers\/","url_meta":{"origin":3556,"position":0},"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. Volume is nearly 22 percent lower than\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_081717.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/Mortgage_Activity_081717.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\/08\/Mortgage_Activity_081717.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/Mortgage_Activity_081717.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6013,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-supply-woes-causing-loan-demand-drop\/","url_meta":{"origin":3556,"position":1},"title":"Are Supply Woes Causing Loan Demand Drop?","author":"Amazing Property","date":"August 30, 2017","format":false,"excerpt":"The number of mortgage applications for home purchases continues to underwhelm, despite rates being at their lowest levels since November. Mortgage applications for purchasing a home dropped 3 percent last week on a seasonally adjusted basis. The annual gain\u00a0in purchase applications remains\u00a0positive (4 percent higher than a year ago), but\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_083017.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage_Activity_083017.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\/08\/mortgage_Activity_083017.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage_Activity_083017.png?fit=600%2C315&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":3556,"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":1145,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-sluggish-heading-into-spring\/","url_meta":{"origin":3556,"position":3},"title":"Loan Demand Sluggish Heading Into Spring","author":"Amazing Property","date":"February 22, 2017","format":false,"excerpt":"[ad_1] As real estate heads into its busy spring season, consumers aren't showing typically large demand for mortgage loans just yet. Total mortgage application volume, which includes refinances and home purchases, dropped 2 percent week over week for the week ending Feb. 17, the Mortgage Bankers Association reports. Total mortgage\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":8371,"url":"https:\/\/amazingproperty.com.ng\/blog\/higher-rates-offset-loan-demand\/","url_meta":{"origin":3556,"position":4},"title":"Higher Rates Offset Loan Demand","author":"Amazing Property","date":"February 21, 2018","format":false,"excerpt":"Home buyers and homeowners may be getting spooked by higher mortgage rates. Mortgage applications for both home purchases and refinancings plummeted 6.6 percent last week on a seasonally adjusted basis compared to the previous week, the Mortgage Bankers Association reported Wednesday. 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