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Home Buyers Return After Labor Day

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loans to buy homes reached its highest point since April during the week following Labor Day. Home buyers returned and pushed purchase application demand 2 percent higher than the week before. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says demand remains strong. “Housing demand is strong heading into fall, despite fast-rising home prices and low inventory,” Kan said. “The inventory situation is improving, with more new homes under construction and more homeowners listing their home for sale.” Also in the report, average mortgage rates remain low, with little change seen for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the FHA, and 15-year fixed-rate loans. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)