The Boston real estate buying season is nearly here and the demand for mortgages is accelerating.
The new year is bringing fresh momentum to the mortgage market as homebuyers seize on lower rates.
Purchase-loan applications rose 9 percent on a seasonally adjusted basis from the previous week for the period ending on Jan. 12, according to the Mortgage Bankers Association’s weekly survey. The group’s refinancing index also rose from the previous week, jumping 11 percent.
Both measures were supported by another drop in mortgage rates, which have fallen for three straight weeks. The contract rate on the average 30-year fixed-rate mortgage with conforming loan balances ($726,200 or less) fell by six basis points to 6.75 percent and is down by more than 100 basis points from its peak in the fall.
Boston condo refinancing is also up
The refinancing index last week was up 10 percent from a year earlier, but the purchase index was 20 percent lower as home sales and listings remain low.
The refinancing share of total activity fell from 38.3 percent the prior week to 37.5 percent last week. The FHA share of applications dropped from 14.4 percent to 14.3 percent, while the VA share saw an even greater downturn, falling from 16.3 percent to 14.2 percent.
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