{"id":8656,"date":"2018-05-30T00:00:00","date_gmt":"2018-05-30T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/drop-in-rates-still-doesnt-budge-loan-demand\/"},"modified":"2018-12-30T18:22:01","modified_gmt":"2018-12-30T18:22:01","slug":"drop-in-rates-still-doesnt-budge-loan-demand","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/drop-in-rates-still-doesnt-budge-loan-demand\/","title":{"rendered":"Drop in Rates Still Doesn\u2019t Budge Loan Demand"},"content":{"rendered":"

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Mortgage<\/a> rates eased last week following recent increases, but would-be home buyers or refinancers didn\u2019t bite. Total mortgage application volume, which reflects for refinancings and home buying, dropped 2.9 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. This marked the sixth consecutive week of losses in applications.\u00a0<\/p>\n

Mortgage application volume is now 10 percent lower than a year ago, the MBA reports.\u00a0<\/p>\n

Refinance volume made up most of the drop last week, falling 5 percent week over week and reaching the lowest level since December 2000. Refinance volume was nearly 27 percent lower than a year ago, when mortgage rates were much lower.\u00a0<\/p>\n

Mortgage applications for home purchases dropped 2 percent last week but remain 2 percent higher compared to a year ago, the MBA reports.\u00a0<\/p>\n

The 30-year mortgage rate averaged 4.84 percent last week, down from 4.86 percent the previous week.\u00a0<\/p>\n

“Rates slipped slightly over the week as concerns over U.S. trade policy and global growth sent some investors back to safer U.S. Treasurys,\u201d says Joel Kan, a spokesman for the Mortgage Bankers Association. \u201cMinutes from the most recent FOMC meeting also yielded a more dovish tone, which added to the downward pressure in rates.\u201d<\/p>\n

Source: \u201cMortgage Rates Drop, But Borrowers Are Not Impressed,\u201d CNBC (May 30, 2018)<\/em><\/p>\n<\/div>\n<\/div>\n

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

Mortgage rates eased last week following recent increases, but would-be home buyers or refinancers didn\u2019t bite. … Drop in Rates Still Doesn\u2019t Budge Loan Demand<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":8658,"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":[1403,15239,12908,543,408,1032,1295,1292,41,818,479],"class_list":["post-8656","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-mortgage-rates","tag-property","tag-real","tag-realtor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/05\/Mortgage_Activity_053018.png?fit=600%2C315&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":5761,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-not-swaying-borrowers\/","url_meta":{"origin":8656,"position":0},"title":"Lower Rates Not Swaying Borrowers","author":"Amazing Property","date":"August 17, 2017","format":false,"excerpt":"Mortgage rates dropped to the lowest averages since November, but that did little to entice home buyers and refinancers last week. 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":783,"url":"https:\/\/amazingproperty.com.ng\/blog\/refinancing-pullback-stalls-loan-demand\/","url_meta":{"origin":8656,"position":1},"title":"Refinancing Pullback Stalls Loan Demand","author":"Amazing Property","date":"February 15, 2017","format":false,"excerpt":"[ad_1] Refinancing volume dipped to its lowest level since June 2009\u00a0and prompted overall mortgage application volume to drop 3.8 percent on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Total mortgage application volume \u2013 which also includes applications for home purchases \u2013 is now nearly 31 percent lower\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":8656,"position":2},"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":5032,"url":"https:\/\/amazingproperty.com.ng\/blog\/steadier-mortgage-rates-buoy-loan-demand\/","url_meta":{"origin":8656,"position":3},"title":"Steadier Mortgage Rates Buoy Loan Demand","author":"Amazing Property","date":"June 21, 2017","format":false,"excerpt":"[ad_1] Mortgage applications for refinancings and home purchases remained elevated last week as mortgage rates continued to give consumers incentive to make a move. \"Both the 10-year Treasury yield and the 30-year conventional mortgage fixed rate held steady last week, keeping rates well below the recent highs,\" says Lynn Fisher,\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":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Mortgage_Activity_062117.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\/06\/Mortgage_Activity_062117.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Mortgage_Activity_062117.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7114,"url":"https:\/\/amazingproperty.com.ng\/blog\/as-rates-hit-pause-consumers-rush-to-lock-in\/","url_meta":{"origin":8656,"position":4},"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. 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