As mortgage interest rates dropped to their lowest levels in over a year last week, home owners and buyers raced to submit their refinance and other loan applications before rates start going up again. The number of overall mortgage applications surged 28.4% last week compared with the previous year, according to the mortgage bankers association.
The recent precipitous drop in interest rates drove a sizable increase. and Industry Forecasting Joel Kan said there was a tremendous surge in overall applications activity, as mortgage rates fell.
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The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.78 percent from 3.87 percent. Refinancing still remains well below historic highs after falling to an 18-year low last year, when mortgage rates rose above 5 percent, Reuters reported.
Housing inventory, buyer demand are market drivers: JPMorgan Housing inventory for existing homes actually went up 4.3% in June. That marks the first yearly inventory increase in three years. That marks the first yearly inventory increase in three years. What we’re seeing is potential homebuyers being priced out of the market.
Mortgage applications for both purchase and refinance were up last week, just days after the U.S. Federal Reserve raised its benchmark interest rate by .25 percent. Applications for a new mortgage increased 7.3 percent over the previous week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 18, 2015.
With Mortgage Rates at a Low, Loan and Refinance Applications Surge. courtneyk/iStock. As mortgage interest rates dropped to their lowest levels in over a year last week, home owners and buyers raced to submit their refinance and other loan applications before rates start going up again.
Looks like it’s GO time, as there was a recent surge in mortgage applications spurred by the highest jump in interest rates this year. As the numbers came in for the week ending June 5, adjusted seasonally and for Memorial Day week, mortgage applications were up 8.4 percent according to the Mortgage Bankers Association’s weekly survey.
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Another surge in refinance applications helped mortgage applications increase slightly this past week, according to the Mortgage Bankers Association.The Weekly Mortgage Applications Survey found a 0.2 percent overall jump in mortgage applications for the week ending July 27.. Even with the slight hike in interest rates, fixed mortgage rates.
WASHINGTON — Mortgage applications jumped last week, as low interest rates fueled refinancing activity. The Mortgage Bankers Association said today its weekly application index climbed 21.2.
Mortgage apps reverse course, climb 9.4% Of course he declined the offer. Further proof of his intelligence in staying away from politics. For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today’s ARAMCO Report.