Bouncing Back – Mortgage Applications Pick Up
Mortgage applications are seeing better days; after three straight weeks of declines, mortgage applications have increased 4.2% since June 11th. Purchase and refinance also increased, with refinances up 5.5%.
Why the sudden rise of applications?
The 30-year fixed rate fell to 3.11%, which is the lowest rate it’s been since May. And, although applications are starting to tick back up again, it is still 22% lower than the same week one year ago. Think peak quarantine – plenty of potential homebuyers were trying to find more and better space.
The Federal Housing Administration (FHA) share of total mortgage applications increased to 9.6% from 9.5% the week prior.
For a full breakdown of mortgage news statistics, check out Mortgage News Daily’s article.