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Mortgage applications on the rise

  • Last week was the first overall increase in weekly mortgage applications since the end of February.
  • Applications to refinance a home loan jumped 10% for the week, but were still 23% lower a year ago, the Mortgage Bankers Association said.
A sharp drop in mortgage interest rates sent homeowners and potential homebuyers to their mortgage lenders.

Total mortgage application volume surged 8.6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That is the first overall increase in weekly applications since the end of February.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.20% from 3.27%, with points increasing to 0.36 from 0.33 (including origination fee) for loans with a 20% down payment. That rate was 25 basis points higher a year ago.

Homeowners reacted swiftly to the potential savings. Applications to refinance a home loan jumped 10% for the week, but were still 23% lower than a year ago. The refinance share of mortgage activity increased to 60% of total applications from 59.2% the previous week.

Source: CNBC 

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 Boston Real Estate: Mortgage applications on the rise even with COVID-19 and the hurricane season.
  • Mortgage applications to purchase a home rose 3% last week from the previous week and were a stunning 40% higher from a year ago, according to the Mortgage Bankers Association.
  • The year-on-year comparison is usually in single digits.
A real estate agent shows a home to a prospective buyer in Miami.
Getty Images

The end of August usually marks the beginning of the slow season for housing, but as with everything else, this year’s trends are like no other.

Mortgage applications to purchase a home rose 3% last week from the previous week and were a stunning 40% higher from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. The year-on-year comparison is usually in single digits. While it may have been skewed slightly by the Labor Day holiday, which fell earlier last year, purchase demand is still running significantly higher than a year ago.

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