{"id":4786,"date":"2017-05-31T00:00:00","date_gmt":"2017-05-31T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/lack-of-homes-for-sale-constrains-loan-apps\/"},"modified":"2017-05-31T00:00:00","modified_gmt":"2017-05-31T00:00:00","slug":"lack-of-homes-for-sale-constrains-loan-apps","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/lack-of-homes-for-sale-constrains-loan-apps\/","title":{"rendered":"Lack of Homes for Sale Constrains Loan Apps"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div readability=\"48.378169014085\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"44.583802816901\"><!--paging_filter--><\/p>\n<p>Would-be buyers are hard-pressed to find enough <a href=\"https:\/\/amazingproperty.com.ng\/blog\/homes-for-sale-near-abijo-in-lekki\/\">homes for sale<\/a> this spring, and that is chipping away at the number of <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">mortgage<\/a> applications <a href=\"https:\/\/amazingproperty.com.ng\/blog\/construction-loans-for-commercial-and-residential-builders\/\">lenders<\/a> are processing, CNBC reports.<img data-recalc-dims=\"1\" decoding=\"async\" alt=\"\" src=\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_may\/Mortgage_Activity_053117.png\" style=\"width: 400px; height: 210px; margin: 3px; float: right;\"\/><\/p>\n<p>Total mortgage applications, including those for refinancing and home purchases, dropped 3.4 percent week over week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. The MBA\u2019s mortgage application index is now 14 percent lower than a year ago.<\/p>\n<p>&#8220;Home sales remain constrained by a lack of inventory across the country, as evidenced by <a href=\"https:\/\/amazingproperty.com.ng\/blog\/tips-for-house-price-negotiation\/\">home price<\/a> growth running almost three times the pace of overall inflation,&#8221; says Michael Fratantoni, chief economist for the MBA.<\/p>\n<p>Applications to buy a home dropped 1 percent last week. Over the last four weeks, in the height of the spring market, purchase applications have decreased 5 percent. Still, purchase applications remain 7 percent higher than a year ago.<\/p>\n<p>Refinance applications fell 6 percent during the week and are now 31 percent lower than the same week a year ago, the MBA reports. Mortgage rates were lower last year, and this year\u2019s higher rates have decreased incentives for owners to refinance.<\/p>\n<p>The average on a 30-year fixed-rate mortgage remained at 4.17 percent last week, holding the same average as the previous week, the MBA reports.<\/p>\n<p><em>Source: \u201cWeekly Mortgage Applications Fall 3.4% as Homebuyers Find Little for Sale,\u201d CNBC (May 31, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/pJqok2gqqqY\/lack-homes-for-sale-constrains-loan-apps\"> Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Would-be buyers are hard-pressed to find enough homes for sale this spring, and that is &hellip; <a title=\"Lack of Homes for Sale Constrains Loan Apps\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/lack-of-homes-for-sale-constrains-loan-apps\/\"><span class=\"screen-reader-text\">Lack of Homes for Sale Constrains Loan Apps<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":4787,"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":[1403,15239,62,12908,543,127,557,408,1032,1007,41,818,479,15282],"class_list":["post-4786","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-homes-for-sale","tag-mortgage","tag-mortgage-bank","tag-owners","tag-property","tag-real","tag-realtor","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/Mortgage_Activity_053117.png?fit=620%2C326&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6765,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-volume-back-down-again\/","url_meta":{"origin":4786,"position":0},"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 &quot;Opportunities In New Markets&quot;","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":3871,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-mortgage-rates-boost-loan-demand\/","url_meta":{"origin":4786,"position":1},"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 &quot;Opportunities In New Markets&quot;","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":6503,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/","url_meta":{"origin":4786,"position":2},"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. Total mortgage application for refinances and home purchases decreased 0.4 percent last week compared to\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Mortgage Activity 100417.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage_Activity_100417.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_100417.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_100417.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":4786,"position":3},"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 &quot;Opportunities In New Markets&quot;","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":2708,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-ease-borrowers-not-pouncing\/","url_meta":{"origin":4786,"position":4},"title":"Mortgage Rates Ease, Borrowers Not Pouncing","author":"Amazing Property","date":"March 29, 2017","format":false,"excerpt":"A slight drop in mortgage rates last week did not lead 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. The\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","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":6413,"url":"https:\/\/amazingproperty.com.ng\/blog\/higher-interest-rates-press-on-loan-demand\/","url_meta":{"origin":4786,"position":5},"title":"Higher Interest Rates Press On Loan Demand","author":"Amazing Property","date":"September 27, 2017","format":false,"excerpt":"The highest interest rates in a month prompted a setback to the mortgage market last week. Total mortgage application volume\u2014which includes applications for home purchases and refinancing\u2014dropped 0.5 percent on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. The more telling part, however, is that volume is now\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Mortgage_Activity_092717.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/Mortgage_Activity_092717.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\/2017\/09\/Mortgage_Activity_092717.png?fit=620%2C326&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/Mortgage_Activity_092717.png?fit=620%2C326&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=4786"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/4787"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=4786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=4786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=4786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}