My Blog

Low Rates – Higher Demand

Refinancers and home shoppers are coming back to lenders last week due to a slight decrease in mortgage rates. Total mortgage application volume for refinancing’s and home purchases rose 3.6 percent week-over-week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. However, the volume still is nearly 19 percent below the same week a year ago. Interest rates were lower a year ago.


Home purchase applications increased 4 percent last week and are up 9 percent compared to a year ago, the MBA reports. Applications for refinancing rose 3 percent, but remain down 36 percent from a year ago. However, economists say that is likely to change.


Source: “Weekly Mortgage Applications Rise 3.6% After Rates Dip,” CNBC (Oct. 18, 2017)