Applications for purchase mortgages gained for the eighth consecutive week to a level that was 13% higher than a year ago as states continue to reopen across the country according to a report by the Mortgage Bankers Association.
A seasonally adjusted index measuring purchase applications jumped 5% last week. For the first time in two months refinancings gained as this past week witnessed an 11% increase, and an 80% year-over-year gain, the MBA said.
The Market Composite Index, a measure of mortgage loan application volume, increased 9.3% on a seasonally adjusted basis from one week earlier.
“Fueled again by low mortgage rates, pent-up demand from earlier this spring, and states reopening, the recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its highest level since January,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
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Ryan Christensen
Responsive, Responsible and Resourceful - How Real Estate Should Be. This is the foundation of our continued success: responsive service, providing accurate and timely information, and demystifying the process. 100% of my business is referral based because I listen to my clients' needs and exceed their expectations. As a full-time real estate broker, I am the best advocate for both my buyers and sellers. I am always available, regardless of the time of day.
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