Weekly mortgage demand from homebuyers jumps even higher, up 19% annually
“Homebuyer demand is heating up with it. Add that to an already strong refinance market, and total mortgage application volume rose 4.1% last week from the previous week, according to the Mortgage Bankers Association.
Helping to fan demand were mortgage rates hovering near a record low.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $510,400 or less increased just barely to 3.20% from 3.19%. Points, including origination fee, increased to 0.35 from 0.33 for loans with a 20% down payment.”(CNBC)
“Mortgage applications increased last week despite mixed results from the various rates tracked in MBA’s survey,” said Joel Kan, an economist for the Mortgage Bankers Association. “The average 30-year fixed rate mortgage rose slightly to 3.20%, but some creditworthy borrowers are being offered rates even below 3%.”
As I have pointed out before, well-qualified buyers can now get 30-year mortgages at or even a little below 3%.
“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.”
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
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