{"id":5761,"date":"2017-08-17T00:00:00","date_gmt":"2017-08-17T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-not-swaying-borrowers\/"},"modified":"2017-08-17T00:00:00","modified_gmt":"2017-08-17T00:00:00","slug":"lower-rates-not-swaying-borrowers","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-not-swaying-borrowers\/","title":{"rendered":"Lower Rates Not Swaying Borrowers"},"content":{"rendered":"

\n<\/p>\n

\n \n

Mortgage<\/a> rates dropped to the lowest averages since November, but that did little to entice home buyers and refinancers last week.<\/p>\n\n

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 a year ago.<\/p>\n\n

The drop in loan<\/a> demand is coming at a time when mortgage rates are falling, which usually serves as an enticement to homeowners to refinance. But refinance applications increased just 2 percent for the week. Applications remain 40 percent down from the same week a year ago, the MBA reports.<\/p>\n\n

Applications for home purchases dropped 2 percent for the week, but applications remain nearly 10 percent higher than a year ago.<\/p>\n\n

\"\"\u201cLast week, mortgage rates dropped to their lowest level since the week of the November 2016 election as investors sought safety given the tense geopolitical environment, especially the concerns with respect to North Korea,\u201d says Mike Fratantoni, the MBA\u2019s chief economist.<\/p>\n\n

The 30-year fixed-rate mortgage dropped to a 4.12 percent average last week, down from 4.14 percent the week prior, the MBA reported.<\/p>\n\n

Some home buyers are looking to offset rising home prices by taking out an adjustable-rate mortgage, which tend to come with a lower initial interest rate. ARM volume has grown 13 percent higher than a year ago. Also, FHA loan<\/a> applications, known for their low down payment offerings, are up 4 percent from a year ago.<\/p>\n\n

Source: \u201cMortgage Rates Drop to Lowest Since Election, But Borrowers Barely Budge,\u201d CNBC (Aug. 16, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n\n\n Realtors.org <\/a>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates dropped to the lowest averages since November, but that did little to entice home … Lower Rates Not Swaying Borrowers<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5762,"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":[4751,1403,15239,625,12908,543,627,408,1032,1295,1292,1007,41,818,479],"class_list":["post-5761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-buy","tag-chase","tag-down-payment","tag-home","tag-home-buying-guide","tag-homeowners","tag-mortgage","tag-mortgage-bank","tag-mortgage-rate","tag-mortgage-rates","tag-owners","tag-property","tag-real","tag-realtor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/Mortgage_Activity_081717.png?fit=600%2C315&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7114,"url":"https:\/\/amazingproperty.com.ng\/blog\/as-rates-hit-pause-consumers-rush-to-lock-in\/","url_meta":{"origin":5761,"position":0},"title":"As Rates Hit Pause, Consumers Rush to Lock In","author":"Amazing Property","date":"November 15, 2017","format":false,"excerpt":"A slight dip in interest rates last week brought more homeowners and home buyers to the mortgage market. More homeowners were quick to refinance before interest rates rise again, and home buyers were able to lock in lower rates during the week. 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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":6013,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-supply-woes-causing-loan-demand-drop\/","url_meta":{"origin":5761,"position":2},"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":6503,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/","url_meta":{"origin":5761,"position":3},"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. 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