Mortgage applications jumped to its highest level since April during the week ending September 10.
Total Mortgage Application Volume Up Nearly +5%
Homebuyers and homeowners returned from Labor Day holidays and decided to either buy or refinance a home.
According to the Mortgage Bankers Association (MBA), mortgage purchase applications rose +2% for the week and applications to refinance a home loan increased +7%. Total mortgage application volume saw an uptick of nearly +5%.
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Demand Strong Going into Fall
Joel Kan, an economist with the MBA, said, “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.”
Mortgage purchase demand was the highest since April. And surprisingly, purchase applications for newly built homes also rose, according to a separate MBA report.
(Purchase demand may become even stronger since Fed Chair Jerome Powell signaled this last week that interest rates may rise by mid-2022.)
Likewise, refinance applications increased +7% for the week. Kan said, “This week’s refinance gain was driven heavily by an increase in FHA and VA applications.”
(FHA and VA applications represent government sponsored low down-payment loans favored by lower-income or first-time homebuyers.)
Thanks to the Mortgage Bankers Association and CNBC.
