title
December 2017   Volume 43, Number 12      
 

1

Weekly Mortgage Applications Stall Along With Rates and Home Sales

Rising interest rates and rising home prices are hurting mortgage demand, as fewer consumers have the incentive to refinance or purchase a home.

Total mortgage application volume declined by 0.4 percent during the last week of September from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted report. Mortgage volume now stands 24 percent lower than it did a year ago.

With interest rates higher than they were a year ago, applications to refinance are likely to continue to decline. They decreased 2 percent week to week and are down just over 40 percent from one year ago. Refinance volume has declined over the past month as interest rates continue to climb higher.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less increased to 4.12 percent from 4.11 percent, with points increasing to 0.45 from 0.40, including the origination fee, for 80 percent loan-to-value ratio loans.

“Rates moved higher over the course of last week, at least partially due to signs of stronger economic growth. Four of the five mortgage rates that we track increased,” said Joel Kan, an MBA economist.

Mortgage applications to buy a home are still well below historical averages and increased just one percent for the week.

[return to top]

 

 

 

 

In this issue:

Homebuyers Rush to Riskier Mortgages As Home Prices Rise

Amazon Ventures Into Real Estate With Hire a Realtor Service

Digital Real Estate Platform Home61 Raises $4 Million

Homebuyers Can Now Crowdfund Their Mortgage Down Payments

Millennials Going Over Budget to Buy Homes

National Flood Insurance Program Might Not Be Able to Fulfill Obligations to Homeowners

San Francisco Most Over-valued Market in U.S.

Trump Tax Reform Sparks Fears for California Realtors

Weekly Mortgage Applications Stall Along With Rates and Home Sales

10 Reasons to Schedule a Seller Counseling Session



 


The information presented and conclusions within are based upon our best judgment and analysis. It is not guaranteed information and does not necessarily reflect all available data. Web addresses are current at time of publication but subject to change. SmartsPro Marketing and The Insurance 411 do not engage in the solicitation, sale or management of securities or investments, nor does it make any recommendations on securities or investments. This material may not be quoted or reproduced in any form without publisher's permission. All rights reserved. ©2017 The Insurance 411. Tel. 877-762-7877. theinsurance411.com