{"id":6659,"date":"2017-10-18T00:00:00","date_gmt":"2017-10-18T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-spark-higher-loan-demand\/"},"modified":"2017-10-18T00:00:00","modified_gmt":"2017-10-18T00:00:00","slug":"lower-rates-spark-higher-loan-demand","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-spark-higher-loan-demand\/","title":{"rendered":"Lower Rates Spark Higher Loan Demand"},"content":{"rendered":"

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\n <\/p>\n
<\/p>\n

A slight decrease in mortgage<\/a> rates brought refinancers and home shoppers back to lenders<\/a> last week.<\/p>\n

Total mortgage application volume for refinancings and home purchases rose 3.6 percent week-over-week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. However, the volume still is nearly 19 percent below the same week a year ago. Interest rates were lower a year ago.<\/p>\n

Home purchase<\/a> applications increased 4 percent last week and are up 9 percent compared to a year ago, the MBA reports.<\/p>\n

\"\"Applications for refinancing rose 3 percent, but remain down 36 percent from a year ago.<\/p>\n

The 30-year fixed-rate averaged 4.14 percent, down from 4.16 percent the week prior, the MBA reports.
“In the bigger picture, rates are attempting to push lower after rising fairly quickly from early September through early October,” Matthew Graham, chief operating officer of Mortgage News Daily, writes.<\/p>\n

However, economists say that is likely to change. The recent release of the Federal Open Market Committee minutes showed an increased likelihood of one more rate increase in 2017, which likely would nudge mortgage rates higher too, says Joel Kan, an MBA economist.<\/p>\n

Source: \u201cWeekly Mortgage Applications Rise 3.6% After Rates Dip,\u201d CNBC (Oct. 18, 2017)<\/em><\/p>\n

\u00a0<\/p>\n<\/div>\n<\/div>\n

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

A slight decrease in mortgage rates brought refinancers and home shoppers back to lenders last week. … Lower Rates Spark Higher Loan Demand<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6660,"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":[15239,12908,543,408,1032,1295,41,818,479],"class_list":["post-6659","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-mortgage","tag-mortgage-bank","tag-mortgage-rate","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_101317.png?fit=600%2C315&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1699,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-race-is-on-to-snag-a-low-rate\/","url_meta":{"origin":6659,"position":0},"title":"The Race Is On to Snag a Low Rate","author":"Amazing Property","date":"March 8, 2017","format":false,"excerpt":"Borrowers are getting spooked by rising rates and, as a result, they\u2019re rushing to lock in rates before any further increases. That\u2019s pushing mortgage application volume higher, increasing a seasonally adjusted 3.3 percent week over week, the Mortgage Bankers Association reported Wednesday. Buyers are also increasingly turning to adjustable-rate mortgages\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":1471,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-apps-surge-as-rates-inch-lower\/","url_meta":{"origin":6659,"position":1},"title":"Mortgage Apps Surge as Rates Inch Lower","author":"Amazing Property","date":"March 1, 2017","format":false,"excerpt":"[ad_1] A slight decline in mortgage rates sent total mortgage application volume up 5.8 percent last week\u00a0on a seasonally adjusted basis compared to the previous week, the Mortgage Bankers Association reported Wednesday. Applications for home purchases, a gauge of future homebuying activity, rose 7 percent, while refinance applications increased 5\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":7114,"url":"https:\/\/amazingproperty.com.ng\/blog\/as-rates-hit-pause-consumers-rush-to-lock-in\/","url_meta":{"origin":6659,"position":2},"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. The Mortgage Bankers Association reported that total mortgage\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 111517.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Mortgage_Activity_111517.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\/11\/Mortgage_Activity_111517.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Mortgage_Activity_111517.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8371,"url":"https:\/\/amazingproperty.com.ng\/blog\/higher-rates-offset-loan-demand\/","url_meta":{"origin":6659,"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":1965,"url":"https:\/\/amazingproperty.com.ng\/blog\/borrowers-lock-in-loans-as-rates-surge\/","url_meta":{"origin":6659,"position":4},"title":"Borrowers Lock in Loans as Rates Surge","author":"Amazing Property","date":"March 15, 2017","format":false,"excerpt":"Mortgage interest rates climbed to their highest level since 2014 last week, and consumers are rushing to lock in rates before any further increases, the Mortgage Bankers Association reported Wednesday. The average on a 30-year fixed-rate mortgage rose to 4.46 percent, from 4.36 percent the week prior, the MBA reports.\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":671,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-buoyed-by-slight-drop-in-rates\/","url_meta":{"origin":6659,"position":5},"title":"Loan Demand Buoyed by Slight Drop in Rates","author":"Amazing Property","date":"February 8, 2017","format":false,"excerpt":"[ad_1] A slight decrease in mortgage rates last week gave home buyers a slight jolt to get moving. Total mortgage application volume, which includes refinancings and home purchases, increased 2.3 percent on a seasonally adjusted basis last week, the Mortgage Bankers Association reported Wednesday. 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