Homebuyer demand for mortgages jumps 12% after first interest rate drop in over 2 months
While the drop in rates wasn't exactly huge, there was a fair amount of pent-up demand among homebuyers.
While the drop in rates wasn't exactly huge, there was a fair amount of pent-up demand among homebuyers.
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Sales were 2.9% higher than October of last year, marking the first annual increase in over three years.
Discipline is driving this trade because we do not want to turn gains into a losses.
After flatlining the week before, mortgage demand rose last week, despite mortgage rates rising for the fourth straight week.
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The average 30-year fixed-rate mortgage was 6.78% on Nov. 14, unchanged from a week ago.
Strong demand for new housing has smaller builders ripe for takeover. The Japanese are big players because their cost of capital is low.
While tiny, the week's increase in total application volume marked the first rise in overall demand in seven weeks.
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We're talking about Home Depot and Best Buy.
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Lennar, D.R. Horton and PulteGroup were all down Wednesday. Retailers Home Depot and Lowe's were also lower.
Britons are facing the prospect of higher mortgages for longer even as the Bank of England readies to cut rates on Thursday.
Total mortgage application volume dropped 10.8% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
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While mortgage rates don't exactly follow the Federal Reserve's rate, home equity lines of credit, or HELOCs, are tied to it.
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The average rate on the 30-year fixed mortgage was coming down all through August and touched its most recent low of 6.11% on Sept. 11.
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Total mortgage application volume was essentially flat, falling 0.1% compared with the previous week.
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