Mortgage Demand Surges As Supply Comes Back

  • June 12th

by UrbanTurf Staff

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A drop in mortgage rates last week led to a surge in purchase and refinance demand.

The Mortgage Bankers Association (MBA) reported Wednesday that total mortgage application volume rose 16% last week, as applications to refinance a home rose 28% and purchase applications rose 9%. 

“Overall refinance activity was more than 27 percent above one year ago.” Mike Fratantoni, senior vice president and chief economist at the MBA, said in a release. “On a seasonally adjusted basis and compared to the holiday-adjusted level from the prior week, purchase activity also increased. Multiple data sources are now indicating that home inventory levels, while still historically low, are up significantly from last year at this time. This is good news for many prospective homebuyers who have been frustrated by the lack of homes on the market.”

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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_surges_as_supply_comes_back/22416.

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