Weekly Mortgage Demand Reaches Highest Level Since April, and This Could Be the Reason Why

weekly mortgage demand reaches highest level since april and this could be the reason why

Sumary of Weekly Mortgage Demand Reaches Highest Level Since April, and This Could Be the Reason Why:

  • Anyone who’s familiar with the housing market can tell you that spring and summer are usually the peak times to buy a home, and things tend to slow down a bit as fall approaches.
  • But last week, mortgage applications soared, despite the fact that interest rates didn’t drop drastically.
  • In fact, last week’s mortgage application numbers were 7% higher than they were the previous week, according to the Mortgage Bankers Association.
  • 6 Simple Tips to Secure a 1.75% Mortgage Rate Secure access to The Ascent’s free guide that reveals how to get the lowest mortgage rate for your new home purchase or when refinancing.
  • But until last week, the number of new listings to hit the residential real estate market rose for nine straight weeks, according to Realtor.
  • Home buyers are still grappling with sky-high prices — so much so that the average loan size for a purchase mortgage just rose to $396,800. But the fact that more inventory has been added has no doubt helped mortgage activity pick up.
  • While there may be more homes available to buy today than there were earlier in the year, the housing market as a whole is still lacking inventory, and home prices are still extremely inflated.
  • Mortgage rates are very attractive today, which is why a lot of people don’t want to wait to buy.

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