Mortgage applications surge as interest rates hit

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Real Estate

The pause in mortgage applications as the Covid epidemic took hold is looking like a mere blip in the distant past as buyer activity surges, according to the latest weekly data numbers. The Mortgage Bankers Association weekly report shows purchase applications rose 33% compared to this week last year, or 5% compared to the week before. The week included the Fourth of July holiday which shows how strong buyer demand since it increased, even during one of the slowest weeks of the season.

Refinance applications also saw an increase of 111% compared to the same week in 2019. It only saw a slight uptick compared to the week preceding this one, with a .4% increase in applications. However, they still made up 60% of the total applications. This number could continue to decrease since, as the report points out, the past few months have seen strong refinance activity already and it could be a sign the population eligible for refinancing is dwindling in numbers.

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