Tag Archive for fixed rate mortgage

Mortgage Demand Rises After Holiday Week

December 12, 2013 Housing Market Comments Off on Mortgage Demand Rises After Holiday Week

According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage loan activity rose following a slow week that included the Thanksgiving holiday. The MBA’s Market Composite Index – which measures both purchase and refinance activity – found the number of people requesting applications for mortgage loans increased 1 percent from the previous week on a seasonally adjusted basis. Refinance demand rose 2 percent, bringing the refinance share of total mortgage activity to 65 percent. Purchase demand was up 1 percent. Also, the average contract interest rate for a 30-year fixed-rate mortgage increased last week. The average interest rate is now the highest it’s been since September. More here.

Mortgage Rate Rise Stalls Loan Demand

November 14, 2013 Housing Market Comments Off on Mortgage Rate Rise Stalls Loan Demand

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for a 30-year, fixed-rate mortgage spiked last week following consecutive weeks of decline. The increase slowed total mortgage application demand by 1.8 percent. Refinance activity was down 2 percent from one week earlier, but as a share of total mortgage loan volume remained steady. Also, the purchase index, which measures demand for loans to purchase homes, fell 1 percent. The MBA’s survey covers 75 percent of residential mortgage applications and has been conducted since 1990. More here.

Mortgage Demand Slides Despite Rate Drop

November 7, 2013 Housing Market Comments Off on Mortgage Demand Slides Despite Rate Drop

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan limit fell again last week. But despite another drop in the average interest rate, applications for home loans decreased 7 percent from the week before. Refinance activity tumbled 8 percent and demand for loans to purchase homes was down 5 percent. The refinance index is up slightly over the past two months, but the purchase index is down about 3 percent according to its 4-week moving average. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all U.S. residential mortgage applications. More here.

Survey Details 2013’s Typical Home Buyer, Seller

November 6, 2013 Housing Market Comments Off on Survey Details 2013’s Typical Home Buyer, Seller

Among recent home buyers, 80 percent said they believe their home is a good investment, according to the 2013 National Association of Realtors Profile of Home Buyers and Sellers. The survey, which polled nearly 150,000 recent buyers and sellers, aimed to evaluate the demographics, preferences, motivations, and experiences of people who participated in a real-estate transaction between July 2012 and June 2013. According to the results, the number of first-time home buyers slipped from 39 percent in the 2012 study to 38 percent this year. The median age of first-time buyers was 31 and their median income was $67,400. Among repeat buyers, the typical buyer was 52 years old and earned $96,000. Nearly 90 percent of all buyers financed their home – with 95 percent of entry-level buyers using a fixed rate mortgage. 92 percent of respondents said they used the Internet to search for a home. The survey also found that the typical seller was 53 years old and moved a median distance of 18 miles. Homes for sale were typically on the market for 5 weeks, down from 11 weeks in last year’s survey. More here.