The move was expected to increase buyer activity, but appears to have stalled in the face of higher interest rates. "fha volume continued to be stronger than the market as a whole, but also showed a decline. FHA purchase volume was down 5 percent for the week, and FHA refinance volume was down by 8 percent.
Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, sparked a 3.5% increase in refinance applications, purchase activity was up.
Despite a serious lack of inventory and increasing home prices, most mortgage lenders are predicting that mortgage purchase volume will increase in 2017 relative to 2016, according to a recent survey conducted by the Lenders One Cooperative, a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products.
Purchase mortgage application volume reached its highest level in almost nine years as homebuyers took advantage of what might be a fleeting window for lower interest rates. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending jan. 11 increased 13.5% from the previous week.
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Meanwhile the volume of purchase applications continues to grow, Interest rates, both contract and effective, increased for all loan types.
with the 30-year fixed mortgage rate falling to 4.55% – it’s lowest reading since last February,” Kan continued. “Although lower rates sparked a 3.5% increase in refinance applications, purchase.
Weekly mortgage refinances spike 39% after huge rate drop – Volume was 58 percent higher than a year ago, when interest rates were higher. Mortgage applications to purchase a home increased 3 percent. as we saw another sizable increase in the average.
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Mortgage applications to purchase a home rose recently and were 7% higher than a year ago. Purchase applications reached their highest level since April 2010. While total mortgage application volume decreased 3.5% during the same time, according to the Mortgage Bankers Association’s seasonally adjusted index, overall volume was 14% higher than a year ago.
A slight rise in interest rates caused a pullback in mortgage. Volume was just 1 percent higher than the same week one year ago. Those buyers who were in the market, however, were seeking.
The seasonally adjusted purchase index increased 1 percent from one. market, continue to push purchase application volume much higher.
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