Declining mortgage rates drive refis and new-home purchases

Declining mortgage rates drive refis and new-home purchases

“The 0.4% decline in existing. The volume of mortgage applications to purchase homes has climbed to the highest level in more than a decade, Berson said, citing data from the Mortgage Bankers.

The piece came out January 4, the day after minutes from the Fed’s last 2012 rate meeting were released. Those minutes revealed more bias toward ending Fed support of low mortgage rates. jobless.

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U.S. long-term mortgage rates fell this week. It was actually the seventh decline in the past nine weeks for the key 30-year, fixed-rate loan. U.S. long-term mortgage rates fell this week. It was actually the seventh decline in the past nine weeks for the key 30-year, fixed-rate loan.

New home sales dropped 7.8% from December. This follows December’s 9.3% plunge from November. The December/January sequence was the biggest two-month drop in new home sales since August 2013. Back then, mortgage rates had spiked up from 3.35% in June to 4.5% by the end of August.

Rising home prices significantly decreased the number of underwater borrowers and boosted the amount of “tappable” equity that they have in their homes in 2016, according to Black Knight Financial Services’ Mortgage Monitor report. As of the end of the year, borrowers’ tappable equity had hit $4.7 trillion, according to the report. That’s the highest [.]

"Their growing presence in the purchase market will require continued support and customization as they continue to play a meaningful role and drive demand. rising mortgage rates, declining.

Home mortgage applications are on the rise giving a false impression that more homes are being sold. With mortgage rates dipping below 5%, homeowners looking to refinance account for the rise in loan applications. While mortgage applications for new homes declined, refinancing applications were up.

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REAL ESTATE IN 2019 (What to Expect from the Housing Market & Interest Rates) Typically a 1% increase in interest rates has been consistent with a 100,000 decline. and permits and new home sales in October and November. That dynamic appears to be fading, and there does not.

And title insurance is a product that is essentially mandatory for the purchase. sees new home sales falling back even more in 2018, putting to rest the idea that 2017 was just a one-off slowdown..

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