Interest rates are low and homebuyers are taking advantage! According to statistics for the beginning of January, there is a surge in mortgage applications and that creates a
Weekly Mortgage Applications Surge 30 Percent
Interest rates are low and homebuyers are taking advantage! According to statistics for the beginning of January, there is a surge in mortgage applications and that creates a demand for inventory. If you have been tossing around the idea of selling your home this year, the time is right! Here at GroupWatson, we love sharing our knowledge and can guide you through the process! Call us today and experience the GroupWatson difference! (972)-370-1775
Weekly Mortgage Applications Surge 30%
Homebuyer demand hit its highest level in 11 years, as January continues to shape up to be a hot month for the housing market. Weekly mortgage applications jumped 30% for the week ending Jan. 10, a sign that home buyers are emerging, the Mortgage Bankers Association’s seasonally adjusted index shows.
“The mortgage market saw a strong start to 2020,” says Joel Kan, associate vice president of economic and industry forecasting for the MBA. “Applications increased across the board. Lower rates provided a larger incentive for borrowers to act.”
Indeed, the average 30-year fixed-rate mortgage decreased to its lowest level since September, averaging 3.87%, the MBA reports.
Applications for home purchases, a gauge of home buying activity, jumped 16% last week, reaching the highest level since 2009.
Refinancing applications saw the biggest jump last week among those applying for home loans, a 43% increase over last week. Refinance applications are 109% higher than a year ago. “Refinances increased for both conventional and government loans, as lower rates provided a larger incentive for borrowers to act,” Kan says.
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With a background in marketing and journalism, Lisa Ellard is well-equipped to offer each of her clients savvy business advice, while always keeping their lifestyle needs a priority. She is a detail-....