{"id":6013,"date":"2017-08-30T00:00:00","date_gmt":"2017-08-30T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/are-supply-woes-causing-loan-demand-drop\/"},"modified":"2017-08-30T00:00:00","modified_gmt":"2017-08-30T00:00:00","slug":"are-supply-woes-causing-loan-demand-drop","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/are-supply-woes-causing-loan-demand-drop\/","title":{"rendered":"Are Supply Woes Causing Loan Demand Drop?"},"content":{"rendered":"

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\"\"The number of mortgage<\/a> 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.<\/p>\n

The annual gain\u00a0in purchase applications remains\u00a0positive (4 percent higher than a year ago), but they’re narrowing as the supply of homes for sale<\/a> falls and makes it tougher for buyers to find and afford a home, CNBC reports. \u00a0<\/p>\n

Meanwhile, current homeowners may be holding out for even lower rates. Refinancing application volume dropped 2 percent last week and is down 41 percent from a year ago, when mortgage rates were lower.<\/p>\n

“Mortgage rates generally fell, but not as low as they had in 2016,” says Joel Kan, an economist with the Mortgage Bankers Association. “Borrowers potentially looking at a refinance might be waiting for a much bigger decrease in order to act.”<\/p>\n

The 30-year fixed-rate averaged 4.11 percent last week, down from 4.12 percent the week prior and the lowest level since November 2016, the MBA reports.<\/p>\n

The MBA\u2019s index of total mortgage applications, which includes home purchases and refinancings combined, eased 2.3 percent last week. The index is now nearly 25 percent lower compared to a year ago. The bulk of that drop is due to the lower number of homeowners who are refinancing their loans<\/a>.<\/p>\n

Source: \u201cWeekly Mortgage Applications Drop 2.3% as Borrowers Wait for Lower Rates,\u201d CNBC (Aug. 30, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The number of mortgage applications for home purchases continues to underwhelm, despite rates being at their … Are Supply Woes Causing Loan Demand Drop?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6014,"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":[1403,15239,62,12908,543,627,127,557,604,408,1032,1295,1007,41,818,479],"class_list":["post-6013","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-homeowners","tag-homes","tag-homes-for-sale","tag-loans","tag-mortgage","tag-mortgage-bank","tag-mortgage-rate","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_083017.png?fit=600%2C315&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3871,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-mortgage-rates-boost-loan-demand\/","url_meta":{"origin":6013,"position":0},"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":6503,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/","url_meta":{"origin":6013,"position":1},"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 "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 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":4786,"url":"https:\/\/amazingproperty.com.ng\/blog\/lack-of-homes-for-sale-constrains-loan-apps\/","url_meta":{"origin":6013,"position":2},"title":"Lack of Homes for Sale Constrains Loan Apps","author":"Amazing Property","date":"May 31, 2017","format":false,"excerpt":"[ad_1] Would-be buyers are hard-pressed to find enough homes for sale this spring, and that is chipping away at the number of mortgage applications lenders are processing, CNBC reports. Total mortgage applications, including those for refinancing and home purchases, dropped 3.4 percent week over week on a seasonally adjusted basis,\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":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/Mortgage_Activity_053117.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\/05\/Mortgage_Activity_053117.png?fit=620%2C326&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/Mortgage_Activity_053117.png?fit=620%2C326&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8371,"url":"https:\/\/amazingproperty.com.ng\/blog\/higher-rates-offset-loan-demand\/","url_meta":{"origin":6013,"position":3},"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. 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":2708,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-ease-borrowers-not-pouncing\/","url_meta":{"origin":6013,"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 "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":6413,"url":"https:\/\/amazingproperty.com.ng\/blog\/higher-interest-rates-press-on-loan-demand\/","url_meta":{"origin":6013,"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 "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_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\/6013","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=6013"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/6014"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}