06/16

Up, Up, and Away: Mortgage Applications Rise

Mortgage applications are seeing better days; after three straight weeks of declines, mortgage applications have increased 4.2% since June 11^th. Purchase and refinance also increased, with refinances up 5.5%.

Why the sudden rise of applications?

The 30-year fixed rate fell to 3.11%, which is the lowest rate it’s been since May. And, although applications are starting to tick back up again, it is still 22% lower than the same week one year ago. Think peak quarantine – plenty of potential homebuyers were trying to find more and better space.

The Federal Housing Administration (FHA) share of total mortgage applications increased to 9.6% from 9.5% the week prior.

For a full breakdown of mortgage news statistics, check out Mortgage News Daily’s article.