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The Boston real estate buying season is nearly here and the demand for mortgages is accelerating.

Real Estate Applications on the Rise

An index tracking the applications to purchase homes increased 7 percent, seasonally adjusted, last week compared to the prior week, according to the Mortgage Bankers Association.

“With the spring buying season at the doorstep, the purchase market had its strongest
showing in four weeks,” he said in a statement.

The MBA index tracking refinance applications went the other way, dropping 5 percent from the prior week, which Kan attributed to rising mortgage rates.

Real Estate Loan Amounts Down

For the second week in a row, the average loan size on purchase applications dropped. Last week the average request for a loan to buy a home was $409,900, down from $412,300 the previous week. It comes after weeks’ of gains.

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