According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week for 30-year fixed-rate mortgages, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Rates for jumbo loans increased from the previous week. Despite favorable rates, however, total demand for mortgage applications was down nearly five percent. Joel Kan, an MBA economist, told CNBC there are a couple of reasons application demand may have slowed – including news of the tax plan moving through congress. “The seasonal slowdown is certainly a key factor, but it could be that some buyers wanted to see the fine print of the bill before making a commitment, and that led to a pullback,” Kan said. Whatever the case, demand for loans to buy homes was down six percent from the week before, though it remains one percent higher than it was during the same week last year.
Though some areas of the country may have experienced a slow down on mortgage loan demand, Eastern, NC, continued on with its very strong housing market. This area has continued to build new homes in many sizes, styles and price ranges and this has kept buyers looking. To see some of the homes available in this area go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.
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