Mortgage Rates Rise
Loan demand ped 2.3 percent last week as a slight increase in rates may have spooked potential home buyers and refinancers.
The Mortgage Bankers Association reported that applications to refinance saw the bulk of the decrease last week, ping 3 percent for the week. Applications to purchase a home saw a 1 percent decrease for the week. However, applications to buy are still 10 percent higher than the same week a year ago, the MBA reports.
The average 30-year fixed-rate mortgage increased from 4.19 percent to 4.20 percent last week.
2018 may be prompting some buyers to make a move before the end of year. Some local REALTOR® associations have recently reported a sizable jump in newly signed contracts for purchasing existing homes.
For example, 'the residential market in Northern Virginia during November provided some impressive sales statistics, counter to historical trends where the month is generally one of the quietest for selling,' Tracy Comstock, principal broker of SilverLine Realty & Investment, said in a report from the Northern Virginia Association of REALTORS®.
Source: “Weekly Mortgage Applications Fall 2.3% as Rates Rise,” CNBC (Dec. 13, 2017)
In 2019 Mortgage Payments to Jump 8.4%
Financing for Manufactured Homes Coming
Tale of Dual Markets
Need to Sell Your Home this Winter?
Buyers Pull Away From New-Home Market
Mortgage Loan Limits to Rise in 2019
Home Buyers and Sellers Should Watch in 2019
Townhouse Construction is Expected to Increase
Cities With Oldest, Youngest Homeowners
Overall, December is the Best Time to Buy a Home
Sluggish Home Sales came to an end in October
How to Pet-Proof Your House for the Holiday Guests
10 Great U.S. Ski Towns
A Way to Keep Aging Parents Close to Home
Huge Mistake to Take Your Home Off the Market for the Holidays
Best Mortgage Advice I've Heard, Ever
Tips to Help You Avoid a Rental Scam
Buying a Home?
Mortgage Rates Rise this Week
Cheaper the Home
Building Credit History From Scratch
How to Get a Mortgage Without Freaking Out
Home Prices Are Decelerating Not Falling
First-time Homebuyers Transition from Renting
Click here to see ALL articles.