Posts Tagged mortgage rates

Mortgage Rates May Rise Soon

house on chart showing decrease in statistics

Mortgage rates have remained fairly steady the last few months, but experts warn things could change very soon. According to a recent article from The Washington Post, rates began moving higher the week of July 26. Data released that day from Freddie Mac said the 30 year fixed rate average rose to its highest level in a month, growing to 4.54 percent with an average 0.5 point. (For clarification, points are fees paid by the borrower to the lender equal to 1 percent of the loan amount.)

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MBA Predicts $1.2 Trillion Increase in Purchase Originations in 2018

mortgage application and keys

Will 2018 be the year for purchase mortgages? The Mortgage Bankers Association (MBA) recently announced that it forecasts a $1.2 trillion increase in purchase mortgage originations during 2018. That’s 7.3 percent increase from 2017 so far. But while the MBA expects purchase lending to increase significantly, it does not see the same outlook for refinancing.

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Refinancing picks up as summer comes to a close

mortgage application and keys

As the last leg of summer passes and the fall season begins, a wave of refinancing activity came crashing into the mortgage market, driving mortgage application volume higher during the final weeks of August. According to a press release from Mortgage News Daily, “A resurgence in refinancing drove the volume of mortgage applications higher during the week ended September 1. The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, increased 3.3 percent on a seasonally adjusted basis when compared to the week ended August 25. On an unadjusted basis, the index increased by 2.0 percent.” 

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