Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Unusual holiday home-buying surge pushes mortgage demand higher

by
November 24, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Options Prop Trading Firm Reviews & Ratings: Where Should You Invest?

Stock Analysis Website Reviews & Ratings: Navigating the Best Options for Investors

A real estate sign advertising a home “Under Contract” is pictured in Vienna, Virginia, outside of Washington.

Larry Downing | Reuters

An unusual surge in home buying, just as the market enters the historically slow holiday season, is driving mortgage demand higher. Total mortgage application volume rose 1.8% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The increase was largely driven by applications to purchase a home, which rose 5% for the week but were still 4% lower than the same week one year ago. That was the third-straight weekly gain.

Buyers may be rushing in during the usually slow holiday season because they are concerned that mortgage rates will move even higher than they have in the past month. Given how expensive homes are today, some buyers could be priced out if rates move much higher.

“Both conventional and government loan applications increased, and the average loan size for a purchase loan was at $407,200, continuing its ongoing 2021 run of being mostly above $400,000,” said Joel Kan, an MBA economist, in a release.

Mortgage rates have been climbing higher for the past month and continued to do so last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.24% from 3.20%, with points decreasing to 0.36 from 0.43 (including the origination fee) for loans with a 20% down payment.

Mortgage applications to refinance a home loan were essentially flat, rising just 0.4% from the previous week. They were 34% lower than the same week one year ago when rates were 32 basis points lower.

“The financial markets continue to discern the Federal Reserve’s policy path in the coming months in light of the current high growth, high inflation environment. Despite a fair amount of rate volatility last week, mortgage rates were higher,” said Kan, MBA’s associate vice president of economic and industry forecasting. “Borrowers continue to lock in mortgages in anticipation of higher rates in the future.”

The refinance share of mortgage activity increased to 63.1% of total applications from 62.9% the previous week.

Mortgage rates continued to move higher this week and are now more than 10 basis points higher than they were last Friday, according to Mortgage News Daily. Rates are now at the highest level since last April.

ShareTweetPin

Related Posts

Options Prop Trading Firm Reviews & Ratings: Where Should You Invest?

by
September 23, 2023
0

Options prop trading involves buying and selling options contracts to generate profits, typically within a firm that provides the capital...

Stock Analysis Website Reviews & Ratings: Navigating the Best Options for Investors

by
September 23, 2023
0

With the growing complexity of the stock market and increasing investment options, it’s crucial to have accurate and timely information...

Stock Chat Room Reviews & Ratings: Unveiling the Best Options

by
September 23, 2023
0

Stock chat rooms have become indispensable tools in the toolkits of modern traders. In these digital spaces, traders of all...

Options Trading Alert Service Reviews & Ratings: What You Need to Know

by
September 23, 2023
0

Options trading alert services are crucial for any modern options trader. These services offer traders valuable insights, real-time alerts, and...

Stock Charting App Reviews & Ratings: Navigating the Best Options for Traders

by
September 23, 2023
0

Stock charting apps are vital for traders, investors, and market analysts. These specialized software platforms offer a range of features,...

Next Post

Stocks making the biggest moves premarket: Deere, Gap, Nordstrom, VMware, HP & more

Cathie Wood explains why she bought a ton more Zoom Video on the dip

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net