Mortgage Applications Rise In Hopes Of Securing Low Rates

Mortgage Applications Rise In Hopes Of Securing Low Rates

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Last week, mortgage applications rose by 4.1 percent, according to the Mortgage Bankers Association, and there's not much reason behind it but fear. With interest rates beginning to rise, borrowers are jumping in to secure the lowest rate possible and many are refinancing current loans. The number of applications for refinances led the way rising 4 percent followed by applications for mortgages to purchase homes which rose 3 percent. 

With very low inventory continuing to push prices higher homebuyers are chomping at the bit to lock in a low rate and those considering buying have become more motivated to make the move. Overall volume of applications rose 5.6 percent from a year ago. 

Most recently, the average interest rate for a 30-year fixed with conforming loan balances ($453,100 or less) increased from 4.23 to 4.33 with points increasing from 0.35 to 0.54 for 80 percent loan-to-value ratios. The 5/1 ARM rate increased to its highest since April 2011. While the trend does appear to be on a high, the possibility of a government shut down could reverse recent gains. For now, the writing is on the wall - the possibility of rates getting to 4.5 percent and higher is scaring more homebuyers into the market now. 

Source: https://www.cnbc.com/2018/01/17/mortgage-applications-rise-4-point-1-percent.html


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Phone: 949-683-5374
Dated: January 17th 2018
Views: 99
About Liz: An Orange County native and Team Manager of The Kurt Real Estate Group with a heavy background in bo...

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