Mortgage demand on the increase again
November is not historically a strong season for homebuying, but this one, like the rest of 2020, isn’t following any rules.
Homebuyer demand is surging again, after taking a slight break around the election.
Mortgage applications to purchase a home rose 4% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was a decisive 26% higher annually. Demand had fallen off for about a month around the election, even though mortgage rates hovered near a record low.
“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,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. (CNBC)
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
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“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
Some people use stats the way a drunk uses a lamppost: for support rather than for illumination