Purchase applications for home loans increased for the third consecutive week and have reached the highest level of activity since early May. This growing activity is supported by the significant increase in purchase demand in the last two months, as well as the attractive borrowing environment and more constructive housing market.
This uptick in purchase applications signals that demand could be returning. Low mortgage rates, improved affordability and increased demand from first-time home buyers are some of the key drivers of the current activity. Consumers are also likely taking advantage of new programs and services that encourage homeownership, while also factoring in the ongoing revival of the economy.
Main Points:
– Purchase applications increased for the third consecutive week, reaching the highest level of activity since early May
– Demand is returning due to low mortgage rates, improved affordability, increased demand from first-time home buyers
– Consumers are likely taking advantage of new programs and services that encourage homeownership, while also factoring in the ongoing revival of the economy
You can read this full article at: https://www.housingwire.com/articles/purchase-applications-increased-for-the-third-consecutive-week-reaching-the-highest-level-of-activity-since-early-may-in-spite-of-the-30-year-fixed-rate-increasing-slightly-to-6-75/(subscription required)
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