Homebuyers and Mortgage Applications: Where Are We Now?
How are homebuyers and sellers feeling during COVID-19?
America’s beginning stages of the pandemic pulled potential homebuyers away from the housing market – for many reasons. However, it seems as though the real estate market is venturing on a curve.
Realtor Magazine’s recent stats show mortgage applications rising 12%. This has been the first uptick in weeks – while applications are lower than they were a year ago (about 20%), the new rise in homebuyer interest shows that buyers are on their way back.
Interest rates are still floating near historical lows – the average rate for the 30-year fixed mortgage now sits pretty at 3.43% as of last week.
The real estate industry has been creatively adhering to social-distancing rules, which allow buyers and sellers to continue their transactions safely – and with the rise of mortgage applications, buyers and sellers are sure to see that.
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