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Volume was 11 percent lower than a year ago, when mortgage rates were 42 basis points lower. The drop in mortgage rates over the past two months has given new life to the refinance market.
Mortgage interest rates jumped again last week, causing mortgage application volume to fall 6.6% on a seasonally. and lose the low rate they already have. Home equity line volume has been rising.
Total mortgage application volume fell 2.6 percent last week as rates moved higher. Rising interest rates cause a 2.6% pullback in weekly mortgage applications Home
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Rising mortgage rates are making an impact on refinance mortgage application volume, according to new information from the Mortgage Bankers Association. " The MBA’s Weekly Mortgage Applications Survey for the week ending April 12 found that total volume fell 3.5% as the refinance index decreased 8% from the previous week," according to National.
The most recent data shows that mortgage applications are once again on the downslide, with another 3.7% drop in volume reported as of February 15 th. The most recent figures were rises of 5.8% in.
· Mortgage rates slump as trade fears weigh on a housing market that’s running dry. The 15-year fixed-rate mortgage averaged 4.04%, unchanged during the week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.87%, up from 3.83%. Those rates don’t include fees associated with obtaining mortgage loans.
What’s more: Even though rising rates on first-lien mortgages usually spurs more HELOC lending because people don’t want to refinance out of lower-rate loans, the volume of equity taken out.
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The adjustable-rate mortgage (ARM) share of activity rose to 9.2% of total applications, the highest level since October 2014, and the average loan size for refinance applications rose to a survey.
Rising interest rates and rising home prices are cutting into mortgage demand, as fewer consumers have the incentive to refinance or buy a home. Total mortgage application volume slipped 0.4% last.
How to Shop the Current Mortgage Refinance Rates. While interest rates have inched up since one year ago, refinance rates are still quite low and likely will not go above 5% in 2018, according to many experts. The refinance mortgage rates today remain historically-low and the consumer demand for affordable housing remains high.