Mortgage Demand Rises as Homebuyers Step Up Despite Higher Rates
Hey there! I wanted to share some recent news about the mortgage market that could impact you, whether you're looking to buy, sell, or refinance your home. Last week, we saw an uptick in mortgage applications, which means more folks are definitely interested in buying homes right now. In fact, purchase applications jumped by almost 8% compared to the week before, and they’re up 11% from this time last year!
This increase in demand is a positive sign, especially as we continue to see more homes available for sale. So, if you're thinking about buying, now might be a great time to start your search before the market heats up even more. Just keep in mind that mortgage rates did rise slightly, with the average 30-year fixed rate going back above 6%. So, while demand is strong, you'll want to be mindful of how those rates could affect your monthly payments.
For those of you considering refinancing, the activity in that area has been pretty steady, but it’s not growing as fast as purchases. Refinances accounted for about 58% of all applications last week, which is a bit lower than before. If you’re looking to refinance, let’s chat about your options because rates are still historically low, even if they’ve crept up a bit.
Overall, whether you’re buying, selling, or refinancing, I’m here to help you navigate these changes. Feel free to reach out to me if you have any questions or if you want to discuss your specific situation!
