{"id":6503,"date":"2017-10-04T00:00:00","date_gmt":"2017-10-04T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/"},"modified":"2017-10-04T00:00:00","modified_gmt":"2017-10-04T00:00:00","slug":"loan-demand-stalls-as-buyers-owners-pause","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/","title":{"rendered":"Loan Demand Stalls as Buyers, Owners Pause"},"content":{"rendered":"

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Mortgage<\/a> 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<\/a> demand on rising interest rates and rising home prices.<\/p>\n

\"\"Total mortgage application for refinances and home purchases decreased 0.4 percent last week compared to the previous week on a seasonally adjusted basis, the MBA reported. Volume is now 24 percent lower than a year ago. Interest rates are also significantly higher than a year ago too.<\/p>\n

The higher interest rates are prompting fewer homeowners to have incentive to refinance. Refinance applications have now plunged 40 percent compared to a year ago.<\/p>\n

Mortgage applications to purchase a home did manage to move 1 percent higher for the week. They are nearly 5 percent higher than a year ago. However, home sales have been weakening for five of the past six months. Economists blame the shortage of homes for sale<\/a> and higher prices for hampering buyer interest.<\/p>\n

The MBA reports the average 30-year fixed-rate mortgage rose to 4.12 percent last week, up from 4.11 percent the week prior.<\/p>\n

\u201cRates moved higher over the course of last week, at least partially due to signs of stronger economic growth,\u201d says Joel Kan, an MBA economist. \u201cFour of the five mortgage rates that we track increased.\u201d<\/p>\n

Source: \u201cWeekly Mortgage Applications Stall Along with Rates and Home Sales,\u201d CNBC (Oct. 4, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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

Mortgage applications to purchase a home and for refinancing barely budged last week, the Mortgage Bankers … Loan Demand Stalls as Buyers, Owners Pause<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6504,"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":[1403,15239,62,12908,543,215,248,627,127,557,408,1032,1295,1007,41,818,479],"class_list":["post-6503","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-home-sale","tag-home-sales","tag-homeowners","tag-homes","tag-homes-for-sale","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\/10\/mortgage_Activity_100417.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":6503,"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":6013,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-supply-woes-causing-loan-demand-drop\/","url_meta":{"origin":6503,"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":5761,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-not-swaying-borrowers\/","url_meta":{"origin":6503,"position":2},"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":7284,"url":"https:\/\/amazingproperty.com.ng\/blog\/post-turkey-slump-loan-demand-drops\/","url_meta":{"origin":6503,"position":3},"title":"Post-Turkey Slump? Loan Demand Drops","author":"Amazing Property","date":"November 29, 2017","format":false,"excerpt":"The Thanksgiving holiday may have taken a bite out of mortgage applications last week. Mortgage applications dropped 3.1 percent for the week on a seasonally adjusted report, which included the Thanksgiving holiday, the Mortgage Bankers Association reported Wednesday. 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