Homebuyer Mortgage Highest in Eleven Years!

According to the Mortgage Bankers Association’s seasonally-adjusted index, mortgage purchase applications rose 4% last week from the previous week, and is up a staggering 21% from a year ago.  Overall, this is the ninth consecutive week of increases, and represents the highest volume in eleven years!  MBA Economist Joel Kan echoed the strong numbers, stating, “The housing market continues to experience the release of unrealized pent-up demand from earlier this spring, as well as gradual improvement in consumer confidence.” 

Strong mortgage demand was further supported by a report conducted by Redfin, which reflected that seasonally-adjusted demand for houses during the week of June 1st was 25% above pre-pandemic levels.  In addition, the percentage of newly-listed homes that resulted in an accepted offer within fourteen days, increased from 42% in May to 47% in June. 

Overall, these two strong reports indicate that demand for housing continues to accelerate through the summer months.  Strong demand coupled with record-low interest rates are keeping the housing market’s continued strength. 

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