After a brief pullback, homebuyers rushed back into the mortgage market last week, taking advantage of record low mortgage rates.
After a brief pullback at the end of June, homebuyers rushed back into the mortgage market last week, taking advantage of record-low mortgage rates.
Buyer demand has been incredibly strong since mid-May, after the coronavirus shut down most housing activity in April. The only thing standing in the way of more sales is the record low supply of homes for sale. "Mortgage rates declined to another record low as renewed fears of a coronavirus resurgence offset the impacts from a week of mostly positive economic data, such as June factory orders and payroll employment," said Joel Kan, an MBA economist. "The average purchase loan size increased to $365,700 — also another high — as borrowers contend with limited supply and higher home prices.
The refinance share of mortgage activity decreased to 60.1% of total applications from 61.2% the previous week.
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