Residential Purchase Mortgage Applications posted the largest increase since early July, which many sources say is a result of increased inventory and slightly reduced mortgage interest rates.
Current mortgage rates lowered to just over 3% after experiencing all-time record lows last year of under 3%. In an article on Mortgagenewsdaily.com, Joel Kan, MBA”s Associate Vice President of Economic and Industry Forecasting states: “There was a resurgence in mortgage applications the week after Labor Day, with activity overall at its highest level in over a month, and purchase applications jumping to a high last seen in April 2021. Housing demand is strong heading into the fall, despite fast-rising home prices and low inventory. The inventory situation is improving, with more new homes under construction and more homeowners listing their home for sale. Despite this week’s increase, purchase applications were still 13 percent lower than the same week a year ago.”
The article, written by Jann Swanson, has solid insights into the upcoming trend for mortgage rates, home prices, and other economic indicators for the real estate and mortgage industry.Read the article here:
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