Tags: Home | Loan | Demand | Mortgage | Rates | Applications

Home-Loan Demand Jumps 5 Percent Despite Rising Rates

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Wednesday, 03 May 2017 02:28 PM

Mortgage applications decreased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 28, 2017.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.1 percent on a seasonally adjusted basis from one week earlier.

However, the unadjusted Purchase Index increased 5 percent compared with the previous week and was 5 percent higher than the same week one year ago, the MBA said.

The refinance share of mortgage activity decreased to 41.6 percent of total applications from 44.0 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.23 percent from 4.20 percent.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.51 percent from 3.46 percent.

"More prospective homebuyers returned to the market after two weeks of decreases in purchase activity, which were possibly due to spring break season and Easter," Joel Kan, associate vice president of industry surveys and forecasting at the MBA, told CNBC.

(Newsmax wire services contributed to this report).

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Mortgage applications decreased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 28, 2017.
Home, Loan, Demand, Mortgage, Rates, Applications
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2017-28-03
Wednesday, 03 May 2017 02:28 PM
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