Home Purchase Applications Bounce Back

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were virtually unchanged last week from the week before. Minor increases were seen for 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Jumbo loans saw a slight decrease. With rates still hovering near record lows, the demand for home purchase loans bounced back after a recent slump. In fact, the purchase index was up 4 percent week-over-week and is now 26 percent higher than it was last year at the same time. Joel Kan, MBA’s vice president of economic and industry forecasting, says demand is benefiting from a few factors. “Housing demand remains supported by the ongoing recovery in the job market, and an increased appetite from households seeking more space because of the pandemic,” Kan said. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

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