{"id":671,"date":"2017-02-08T00:00:00","date_gmt":"2017-02-08T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-buoyed-by-slight-drop-in-rates\/"},"modified":"2017-02-08T00:00:00","modified_gmt":"2017-02-08T00:00:00","slug":"loan-demand-buoyed-by-slight-drop-in-rates","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-buoyed-by-slight-drop-in-rates\/","title":{"rendered":"Loan Demand Buoyed by Slight Drop in Rates"},"content":{"rendered":"

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A slight decrease in mortgage<\/a> 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. That said, applications continue to run 23 percent below year-ago levels, mostly due to a big drop in refinancing applications.<\/p>\n

Last week, mortgage applications for refinancings rose 2 percent on a seasonally adjusted basis, but they are 40 percent lower than a year ago, the MBA reports. Many borrowers may have already taken advantage of low mortgage rates over the past year, so the refinancing pool continues to shrink.<\/p>\n

Applications for home purchases, viewed as a gauge of homebuying activity, also rose 2 percent last week. Home purchase<\/a> applications are now 3.6 percent higher than a year ago.<\/p>\n

“Mortgage rates continued to show volatility from week to week, decreasing 4 basis points to 4.35 percent last week after two weeks of increases,” says Joel Kan, an MBA economist. “Since reaching a recent peak of almost 4.5 percent toward the end of December, rates have bounced around the 4.3 percent mark for the past six weeks.”<\/p>\n

Source: \u201cMortgage Applications Rise 2.3% as Rates Hit Three-Week Low<\/a>,\u201d CNBC (Feb. 8, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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[ad_1] A slight decrease in mortgage rates last week gave home buyers a slight jolt to … Loan Demand Buoyed by Slight Drop in Rates<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":672,"comment_status":"open","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":false,"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":[1403,15239,12908,543,408,1032,1295,41,818,15296],"class_list":["post-671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-home","tag-home-buying-guide","tag-mortgage","tag-mortgage-bank","tag-mortgage-rate","tag-property","tag-real","tag-target"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/GoFY1dd9UqI","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6659,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-spark-higher-loan-demand\/","url_meta":{"origin":671,"position":0},"title":"Lower Rates Spark Higher Loan Demand","author":"Amazing Property","date":"October 18, 2017","format":false,"excerpt":"A slight decrease in mortgage rates brought refinancers and home shoppers back to lenders last week. 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. 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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 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":6765,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-volume-back-down-again\/","url_meta":{"origin":671,"position":4},"title":"Mortgage Volume Back Down Again","author":"Amazing Property","date":"October 25, 2017","format":false,"excerpt":"Mortgage applications reversed course last week after a brief rebound the week before. Total volume for refinancings and home purchases plunged 4.6 percent on a seasonally adjusted week-over-week basis, the Mortgage Bankers Association reported Wednesday. The index is now 19 percent lower than the same week a year ago. 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