According to the most-recent weekly survey conducted by the Mortgage Bankers Association (MBA) – Sept. 7, 2016 – mortgage rates rose .01 percent for 30-year fixed loans and now average 3.68 percent.
Mortgage applications also experienced a slight increase of .09 percent for the week ending Sept. 2. Below is a breakdown of the changes, per the MBA’s Weekly Mortgage Applications Survey.
The .09-percent baby step in mortgage-application action extends the uptick for a second week following two weeks of declines. Industry experts link the trend to refinancing by homeowners eager to capitalize on bottom-of-the-barrel interest rates, which reportedly are not expected to go up because of an overall sluggish U.S. economy and a dismal jobs report for August.
The EconomicCalendar.com said the future of the real-estate market is not so clear.
“The lack of affordability in the market, especially in the West, an underlying lack of supply and rising house prices will continue to curb home-purchase applications even if latent demand remains robust,” according to an article on the Web site. “There is also an increased risk that election uncertainty will have a near-term impact in dampening purchasing activity, although there is also the possibility that there will be an increase in refinancing as a precautionary measure.”
Headquartered in Washington D.C., the Mortgage Bankers Association is the national association representing the real-estate finance industry. Since 1990, it has conducted a weekly survey that covers more than 75 percent of all U.S. residential-mortgage applications. Respondents include commercial banks, mortgage bankers and thrifts.
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