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January 2018   Volume 44, Number 1      
 

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Weekly Mortgage Applications Rise As Rates Pull Back

Total mortgage application volume increased by 3.1 percent for the second week of November, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume remains 8.5 percent below a year ago, when rates were lower.

The jump was attributed to homeowners who took advantage of a pullback in interest rates, hoping to refinance before the next increase.

Refinance volume increased six percent for the week, marking the highest level in one month. Although refinancing is still off by 24 percent from a year ago because rates are now higher, that annual comparison might be about to change.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less was unchanged last week at 4.18 percent, with points increasing to 0.40 from 0.38, including the origination fee, for 80 percent loan-to-value ratio loans.

“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,” said Joel Kan, an MBA economist.

Interest rates have continued to move sideways, as the House and Senate work on their respective tax overhauls. The outcome of the vote is likely to influence markets and interest rates.

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In this issue:

Renting Is Overtaking the Housing Market

Weekly Mortgage Applications Rise As Rates Pull Back

US New Home Sales Soar to Highest Level in 10 Years

Senate Version of Tax Bill Saves Mortgage Interest Deduction but Realtors Still Unhappy

Homebuilder Confidence Rises to 8-Month High

Foreclosure Crisis Lurks in Hurricane Damaged Areas

Fannie Mae Launches Program to Help Boost Homebuilding

Facebook Announces New Features for Home Sales

8 Markets Where Housing Inventory Is Actually Increasing

Three Facebook Updates That Affect the Way You Advertise Your Real Estate Business

 


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