Weekly Mortgage Applications Surge 30% โ˜˜ Hoey Team โ˜˜ eXp Realty

Dated: January 17 2020

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Homebuyer demand hit its highest level in 11 years, as January continues to shape up to be a hot month for the housing market. Weekly mortgage applications jumped 30% for the week ending Jan. 10, a sign that home buyers are emerging, the Mortgage Bankers Association’s seasonally adjusted index shows.

Realtor Magazine January 2020 16th Demand for Mortgages surges by 30% โ˜˜ Hoey Team eXp Realty

“The mortgage market saw a strong start to 2020,” says Joel Kan, associate vice president of economic and industry forecasting for the MBA. “Applications increased across the board. Lower rates provided a larger incentive for borrowers to act.”

Indeed, the average 30-year fixed-rate mortgage decreased to its lowest level since September, averaging 3.87%, the MBA reports.

Applications for home purchases, a gauge of home buying activity, jumped 16% last week, reaching the highest level since 2009.

Refinancing applications saw the biggest jump last week among those applying for home loans, a 43% increase over last week. Refinance applications are 109% higher than a year ago. “Refinances increased for both conventional and government loans, as lower rates provided a larger incentive for borrowers to act,” Kan says.

Article content from NAR (National Association of REALTORS) REALTOR Newsletter Magazine, and from other sources including “Weekly Mortgage Applications Soar 30% as Homebuyer Demand Hits the Highest Level in 11 Years,” CNBC (Jan. 15, 2020) and “Falling Mortgage Rates Set Off a Stampede of Borrowing,” MoneyWise (Jan. 15, 2020)

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