{"id":6584,"date":"2017-10-11T00:00:00","date_gmt":"2017-10-11T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/as-rates-rise-loan-demand-softens\/"},"modified":"2017-10-11T00:00:00","modified_gmt":"2017-10-11T00:00:00","slug":"as-rates-rise-loan-demand-softens","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/as-rates-rise-loan-demand-softens\/","title":{"rendered":"As Rates Rise, Loan Demand Softens"},"content":{"rendered":"<p>\n<\/p>\n<div readability=\"42.002561912895\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"32.668659265585\"><!--paging_filter--><\/p>\n<p><a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">Mortgage<\/a> applications dropped across the board last week as interest rates surged to their highest levels since July, according to the Mortgage Bankers Association. Total application volume dropped 2.1 percent week-to-week on a seasonally adjusted basis, the MBA reported Wednesday.<\/p>\n<p><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_oct\/Mortgage_Activity_101017.png\" style=\"width: 350px; height: 184px; margin: 3px; float: right;\"\/>Most of the drop in applications came from those looking to refinance, the group that tends to be the most rate sensitive. Refinance applications dropped 4 percent last week and are now down 38 percent from a year ago.<\/p>\n<p>Meanwhile, mortgage applications to purchase a home mostly were flat last week, easing down just 0.1 percent week-over-week. Purchase applications still remain 7 percent higher than a year ago. However, the dollar volume of mortgage applications is up 12 percent from a year ago, a signal\u00a0that more mortgage activity is happening in higher price ranges.<\/p>\n<p>The 30-year fixed-rate mortgage averaged 4.16 percent last week, up from 4.12 percent the week prior, the MBA reports. The 30-year rate increased 4 basis points to reach its highest level since July.<\/p>\n<p><em>Source: \u201cMortgage Applications Drop 2.1% as Interest Rates Hit Highest Level Since July,\u201d CNBC (Oct. 11, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n<p><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/UUzaPq5UyJw\/rates-rise-loan-demand-softens\"> Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage applications dropped across the board last week as interest rates surged to their highest levels &hellip; <a title=\"As Rates Rise, Loan Demand Softens\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/as-rates-rise-loan-demand-softens\/\"><span class=\"screen-reader-text\">As Rates Rise, Loan Demand Softens<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6585,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_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}},"categories":[4],"tags":[15239,12908,543,9488,408,1032,41,818,479,15282],"class_list":["post-6584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-chase","tag-home","tag-home-buying-guide","tag-interest-rates","tag-mortgage","tag-mortgage-bank","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\/10\/Mortgage_Activity_101017.png?fit=600%2C315&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6584","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=6584"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/6585"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}