According to the most-recent weekly survey conducted by the Mortgage Bankers Association (MBA) – Sept. 14, 2016 – mortgage rates decreased .01 percent for 30-year fixed loans and now average 3.67 percent.
Mortgage applications jumped 4.2 percent for the week ending Sept. 9. Below is a breakdown of the changes, per the MBA’s Weekly Mortgage Applications Survey.
Applications for home purchases went up 9 percent this week, and those for home refinances rose 2 percent during the same period. As has been the recent trend, consumers are looking to secure historically low interest rates for their real-estate investments.
“Although rising mortgage rates will tend to undermine activity, there is also the possibility that there will be a rush of buying and re-financing with homeowners looking to lock-in low rates on fears that rates will increase even further over the next few weeks,” the EconomicCalendar.com reports.
Although mortgage rates declined this go-round, change lies ahead. Industry experts point to political uncertainly from now until November and attribute it partly to this week’s statistics. “Overall confidence in the labor market remains strong, however, and incomes have been rising consistently this year, which should underpin confidence,” the EconomicCalendar.com states. “There will, therefore, be mixed implications for the sector over the next few weeks with increased volatility.”
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