{"id":17635,"date":"2020-08-10T11:49:18","date_gmt":"2020-08-10T11:49:18","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17635"},"modified":"2020-08-10T11:49:18","modified_gmt":"2020-08-10T11:49:18","slug":"mortgage-applications-are-22-higher-than-a-year-ago","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/mortgage-applications-are-22-higher-than-a-year-ago\/","title":{"rendered":"Mortgage Applications Are 22% Higher Than a Year Ago"},"content":{"rendered":"

Mortgage Applications Are 22% Higher Than a Year Ago<\/h1>\n
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Mortgage applications to purchase a home are 22% higher than a year ago, but last week applications did dip compared to the previous week. Purchase applications week to week were down 2% even as mortgage rates remain near record lows, the Mortgage Bankers Association reported Wednesday.<\/p>\n

The lack of supply and rising home prices also may be pressing on home buyers. The weekly headlines of mortgage rates hitting new lows also may be causing some buyers to lose some of their urgency, particularly since rates are largely expected to stay low for the remainder of the year.<\/p>\n

The average contract on a 30-year fixed-rate mortgage last week dropped to 3.14%, according to the MBA. Freddie Mac reported mortgage rate averages under 3% last week.<\/a><\/p>\n

\u201cThe MBA\u2019s forecast calls for rates to remain at these low levels, which will continue to spur strong refinance activity and offer homeowners relief in the form of lower monthly mortgage payments during these uncertain economic times,\u201d says Joel Kan, the MBA\u2019s forecaster.<\/p>\n

Overall, mortgage application volume decreased 5.1% last week compared with the previous week, according to the MBA\u2019s seasonally adjusted index. Refinance applications dropped 7% last week, but are still 84% higher annually.<\/p>\n

At today\u2019s low mortgage rates, nearly 18 million borrowers with good credit scores could benefit from refinancing and lower their monthly mortgage payments, according to Black Knight, a mortgage data and analytics firm.<\/p>\n

Still, while mortgage rates remain low, the very best rates are mostly being reserved to top-tier borrowers with stellar credit. Lenders are reportedly being stricter with low down payment loans, such as FHA mortgages, which are usually popular among first-time buyers.<\/p>\n

\u201cPurchase loan balances continued to climb, which is perhaps a sign that the still weak job market and tighter credit for government loans are constraining some first-time homebuyers,\u201d Kan says.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cMortgage Rates Set Another Record Low, But Borrowers Take a Step Back<\/a>,\u201d CNBC (Aug. 5, 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mortgage Applications Are 22% Higher Than a Year Ago Mortgage applications to purchase a home are 22% higher than a year ago, but last week applications did dip compared to the previous week. Purchase applications week to week were down 2% even as mortgage rates remain near record lows, the Mortgage Bankers Association reported Wednesday. … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17635","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nMortgage Applications Are 22% Higher Than a Year Ago - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/mortgage-applications-are-22-higher-than-a-year-ago\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-applications-are-22-higher-than-a-year-ago\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-applications-are-22-higher-than-a-year-ago\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Mortgage Applications Are 22% Higher Than a Year Ago\",\"datePublished\":\"2020-08-10T11:49:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-applications-are-22-higher-than-a-year-ago\\\/\"},\"wordCount\":337,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-applications-are-22-higher-than-a-year-ago\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-applications-are-22-higher-than-a-year-ago\\\/\",\"name\":\"Mortgage Applications Are 22% Higher Than a Year Ago - 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