Back HomeMortgage Rates & Winterizing your Home
A slight dip in interest rates last week brought more homeowners and home buyers to the mortgage market. More homeowners were quick to refinance before interest rates rise again, and home buyers were able to lock in lower rates during the week.
The Mortgage Bankers Association reported that total mortgage application volume ”which includes for refinancings and home purchases” rose 3.1 percent last week on a seasonally adjusted basis. Mortgage applications, however, still remain 8.5 percent below a year ago.
Last week, refinance volume rose to its highest level in a month, increasing 6 percent during the week. Yet, refinancing is still 24 percent below a year ago, when rates were much lower.
Applications for a home purchase were up just 0.4 percent last week. Purchase volume is 17 percent higher than the same week a year ago. That marks a much larger annual spread than the past several months, CNBC reports.
The 30-year fixed-rate mortgage averaged 4.18 percent last week, according to the MBA.
“Additional developments surrounding the administration’s tax-reform plan pushed rates lower at the beginning of the week, but this was effectively offset by news of stronger economic growth in Europe,” says Joel Kan, an MBA economist.
Source: Weekly Mortgage Applications Rise as Rates Briefly Fall Back, CNBC (Nov. 15, 2017)
Time to Winterize your Home
We have had milder than normal Fall temperatures so far in Western North Carolina. However, if you own a second home here, and are not going to be using that home for an extended period, do not forget to winterize the water lines. For most homes this means having a plumber, or another professional, use an air compressor to blow all the water out of the water lines inside and underneath your home. This is the only sure way to prevent frozen lines and potential damage that could run into the thousands of dollars. Don’t forget to add some RV antifreeze to toilet bowls, and drain dishwasher and icemaker lines, which can also freeze. Even if you are not winterizing your home for an extended away period, don’t forget to disconnect hoses from outdoor hose bibs (spigots). Leaving a hose connected can leave water in the spigot itself which can freeze and burst. This may even cause a water leak inside the wall, resulting in an expensive repair.
