Mortgage Applications Up 33 Percent Year-Over-Year!
Many would-be Buyers put their home search on hold when COVID-19 hit in March. But it looks like many of those Buyers are resuming their home search—and they have the mortgage applications to prove it.
According to a recent article from CNBC, which outlined data from the Mortgage Banker Association Index, mortgage applications for July are an impressive 33 percent higher than this same time last year.
The reasons behind the dramatic increase? Not only are states around the country reopening, making it easier to search, tour, and buy homes, but mortgage rates are at an all-time low (according to data from Bankrate, on July 13, the average rate for a 30 year fixed-rate mortgage was 3.14 percent), which is driving Buyer demand.
So, what does this mean for you? The increase in mortgage applications is a result of lower interest rates, more convenience in the home search process, and an overall better time to buy—so if you have been thinking about buying a home, now is a great time to make a move.