Mortgage applications jump 18%
Mortgage applications to purchase a home rose 5% for the week and were 18% higher than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. As the coronavirus outbreak was surging six weeks ago, applications by homebuyers were down 35% annually.
“The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring,” said Joel Kan, an MBA economist. “However, there are still many households affected by the widespread job losses and current economic downturn. High unemployment and low housing supply may restrain a more meaningful rebound in purchase applications in the coming months.”
Locally, we are seeing strong demand at a time when inventory is extremely low as reported in my latest post Inventory plummets while demand increases .
This is the inventory as of June 1:
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Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
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