Mortgage Demand Surges As Supply Comes Back
✉️ Want to forward this article? Click here.
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%.
story continues below
loading...story continues above
“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.”
See other articles related to: mortgage demand
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_surges_as_supply_comes_back/22416.
Most Popular... This Week • Last 30 Days • Ever
This week’s Best New Listings includes a bungalow in one of Arlington's more charmi... read »
In this edition of First-Timer Primer, we look at the ins and outs of the 203k loan.... read »
Plans for the large new residential project are looking to get started again after mo... read »
The Wall Street Journal is reporting that Jeff Skoll has purchased two homes on nine ... read »
The residential pipeline in Adams Morgan has slowed in recent years, and now there ar... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro