Mortgage Applications Jump Compared with One Month Ago
Andrew@LivingEstatesRealty.com
Purchase Money Loans Down Only 1.5% From Last Year.
Compare this to last month where home purchase loans were down 35% annually. The Mortgage Banker's Association reports that home loan applications were up 6% compared to this point last month, pointing to pent up buyer demand as our economy reopens.
“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks,” said Joel Kan, an MBA economist. “Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”
Home refinance applications however dipped due to lenders retreating from cash out refinance loans as consumers seek cash amid the COVID-19 outbreak. Home refinance volume is still expected to be up this year due to record low interest rates. Below is the full press release from the Mortgage Banker's Association. https://www.mba.org/2020-press-releases/may/mortgage-applications-decrease-in-latest-mba-weekly-survey
If you have been considering a home purchase or refinance, reach out to me today and I will be glad to share more information on the market as well as tips to navigate your home purchase or refinance successfully.
CALIFORNIA Economic Outlook, Andrew Lomano, Realtor CA & FL View Presentation No One Has a Crystal Ball To exchange more about the Market Reach Out Today CA Economic & Housing Forecast; Forwarding Post from Andrew@LivngEstatesRealty.com
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Living Estates Realty is providing its viewers, clients and customers with up to date affect of COVID-19 coronavirus on the active home sales market. To learn more, log onto www.LivingEstatesRealty.com today.
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