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 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":"![\"\"](\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_nov\/Mortgage_Activity_111517.png\")
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