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Loan demand rebounds on lower rates

Sep 06, 2017
Following several weeks of drops, mortgage application volume pushed higher last week. The uptick was mostly due to an increase in refinancers who took advantage of lower mortgage rates.

Total mortgage application volume, which reflects refinance and home-buying activity, rose 3.3 percent week over week on a seasonally adjusted basis last week, according to the Mortgage Bankers Association (MBA). However, volume remains 23 percent lower than a year ago. 

The MBA also noted that Hurricane Harvey had an impact on application volume last week. Banks affected by the storm shut down all mortgage activity.

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Featured Content

Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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