Mortgage Applications Continue to Rise

According to the Mortgage Bankers Association (MBA), mortgage applications to purchase a home increased 9% from the last week, which represents a staggering 54% increase since early April.  This increase represents the sixth consecutive week of gains, and the highest levels since mid-March.   As states and businesses begin to re-open, buyers are resuming their home search, while looking to capitalize on the current ultra-low interest rate environment. 

In addition to the strong purchase demand numbers, new home sales numbers were extremely surprising to analysts.  According to the US Census, new home sales were expected to fall 22% in April, but instead rose nearly 1% for the month.

Both reports indicate that the demand for housing continues to grow week by week and as businesses continue to open, the positive outlook continues to grow.

Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.