{"id":7114,"date":"2017-11-15T00:00:00","date_gmt":"2017-11-15T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/as-rates-hit-pause-consumers-rush-to-lock-in\/"},"modified":"2017-11-15T00:00:00","modified_gmt":"2017-11-15T00:00:00","slug":"as-rates-hit-pause-consumers-rush-to-lock-in","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/as-rates-hit-pause-consumers-rush-to-lock-in\/","title":{"rendered":"As Rates Hit Pause, Consumers Rush to Lock In"},"content":{"rendered":"

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A slight dip in interest rates last week brought more homeowners and home buyers to the mortgage<\/a> 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.<\/p>\n

\"\"The Mortgage Bankers Association reported that total mortgage application volume\u2014which includes for refinancings and home purchases\u2014rose 3.1 percent last week on a seasonally adjusted basis. Mortgage applications, however, still remain 8.5 percent below a year ago.<\/p>\n

Last week, refinance volume rose to its highest level in a month, increasing 6 percent during the week. Yet, refinancing is still 24 percent below a year ago, when rates were much lower.<\/p>\n

Applications for a home purchase<\/a> were up just 0.4 percent last week. Purchase volume is 17 percent higher than the same week a year ago. That marks a much larger annual spread than the past several months, CNBC reports.<\/p>\n

The 30-year fixed-rate mortgage averaged 4.18 percent last week, according to the MBA.<\/p>\n

“Additional developments surrounding the administration’s tax-reform plan pushed rates lower at the beginning of the week, but this was effectively offset by news of stronger economic growth in Europe,” says Joel Kan, an MBA economist.<\/p>\n

Source: \u201cWeekly Mortgage Applications Rise as Rates Briefly Fall Back,\u201d CNBC (Nov. 15, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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

A slight dip in interest rates last week brought more homeowners and home buyers to the … As Rates Hit Pause, Consumers Rush to Lock In<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7115,"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":[1403,15239,1399,12908,543,627,408,1032,1007,41,818,479],"class_list":["post-7114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-development","tag-home","tag-home-buying-guide","tag-homeowners","tag-mortgage","tag-mortgage-bank","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\/11\/Mortgage_Activity_111517.png?fit=600%2C315&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1965,"url":"https:\/\/amazingproperty.com.ng\/blog\/borrowers-lock-in-loans-as-rates-surge\/","url_meta":{"origin":7114,"position":0},"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":6503,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/","url_meta":{"origin":7114,"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. 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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":3556,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-applications-dip-despite-2017-rate-low\/","url_meta":{"origin":7114,"position":3},"title":"Loan Applications Dip, Despite 2017 Rate Low","author":"Amazing Property","date":"April 19, 2017","format":false,"excerpt":"Fewer home buyers and refinancers took advantage of the lowest rate of the year last week. Total mortgage applications\u2014including for refinancings and home purchases\u2014dropped by 1.8 percent week over week, the Mortgage Bankers Association reported Wednesday. Mortgage applications are now down 23.5 percent from the same week a year ago.\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":1699,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-race-is-on-to-snag-a-low-rate\/","url_meta":{"origin":7114,"position":4},"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. 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