The Mortgage Bankers Association is reporting that the housing market is continuing to recover from the coronavirus pandemic and lockdown.
While the weekly report was somewhat mixed with applications for mortgages and refinancing declining, purchase applications have continued to rise.
“Purchase applications continued their recent ascent, increasing 5 percent last week and 18 percent compared to a year ago,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring.”
Overall mortgage applications declined 3.9 percent from the prior week, while the refinancing index dropped 9 percent. The 30-year fixed-rate hit another MBA survey-low of 3.37 percent.
