The numbers get stronger each week as homebuyers rush back into the market, hoping to get their hands on what few homes there are for sale. Another record-low mortgage rate didn't hurt.
Mortgage applications to purchase a home rose 5% for the week and were a stunning 18% higher than a year ago, according to the Mortgage Bankers Association.
Mortgage applications to purchase a home rose 5% for the week and were a stunning 18% higher than a year ago, according to the Mortgage Bankers Association's seasonally adjusted index. As the coronavirus outbreak was surging six weeks ago, applications by homebuyers were down 35% annually. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 decreased to 3.37% from 3.42%. Points, including the origination fee, for loans with a 20% down payment decreased to 0.30 from 0.33.
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