Post-Turkey Slump? Loan Demand Drops
November 29, 2017
The Thanksgiving holiday may have taken a bite out of mortgage applications last week. Mortgage applications dropped 3.1 percent for the week on a seasonally adjusted report, which included the Thanksgiving holiday, the Mortgage Bankers Association reported Wednesday. The MBA’s mortgage index reflects demand for refinancing and home purchase applications.
Mortgage applications for home purchases did eke out a nearly 2 percent increase from last week. Purchase applications are 6 percent higher than a year ago.
Overall, interest rates offered little incentive for homeowners or home shoppers. The average 30-year fixed-rate mortgage was 4.20 percent last week, which was basically the same average as the year prior, the MBA reports.
Source: “Weekly Mortgage Applications Fall 3.1%, as Interest Rates Offer No Incentive,” CNBC (Nov. 29, 2017)
Updated: July 15, 2019