Tags: mortgage | applications | rates | increase

Mortgage Applications Slip as Interest Rates Increase

(DreamsTime)

Wednesday, 13 December 2017 04:40 PM

Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 8.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week.

The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 10 percent higher than the same week one year ago.

The refinance share of mortgage activity increased to 52.4 percent of total applications, its highest level since January 2017, from 51.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.6 percent of total applications.

Meanwhile, President Donald Trump promised everyday Americans a “giant tax cut for Christmas” in a speech that the White House billed as his closing argument for a tax overhaul that congressional Republicans finished negotiating on Wednesday.

“When I say giant, I mean giant,” Trump said in a televised speech from the White House. “As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages and massive tax relief for American families and for American companies.”

Trump said that a “typical” family of four earning $75,000 would see a tax cut of more than $2,000 under the legislation, “slashing their tax bill in half.” The White House didn’t provide an analysis backing up the claim, Bloomberg reported.

Trump invited several families to the White House to serve as real-life examples of the benefits of the plan. They thanked Trump and briefly explained how they would use the proceeds of a tax cut -- home renovations, in at least two cases.

“It’s critically important for Congress to quickly pass these historic tax cuts,” Trump said. “If Congress sends me a bill before Christmas -- this is breaking news -- the IRS has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February.”

Lawmakers are also leaning toward keeping the estate tax, the official said. Both chambers called for doubling exemption limits for the tax, but the House bill calls for its full repeal in 2025. Negotiators are also planning to set a top individual tax rate of 37 percent--a reduction from the current 39.6 percent and a lower rate for high-income filers than in either the Senate of House versions of the overhaul, according to the official

The mortgage deduction limit would drop to $750,000 from the current $1 million, according to the official.

(Newsmax wire services contributed to this report).

Related Stories:

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
StreetTalk
Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week.
mortgage, applications, rates, increase
461
2017-40-13
Wednesday, 13 December 2017 04:40 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved