November is not historically a strong season for homebuying, but this one, like the rest of 2020, isn’t following any rules.
Homebuyer demand is surging again, after taking a slight break around the election.
Mortgage applications to purchase a home rose 4% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was a decisive 26% higher annually. Demand had fallen off for about a month around the election, even though mortgage rates hovered near a record low.