We know our Realtor clients are very busy based on the increase in purchase applications reported by The Mortgage Bankers Association. They report weekly on applications for new purchases based on their purchase index. Here is the latest information based on the week of Labor Day:
Although the percentage was down from the week prior due to the holiday, new purchase applications still increased 6% over the same week last year. This is due to mortgage rates holding steady and not increasing plus the demand for new homes is strong.
August 2020 Performance
Data for August 2020 revealed that new home purchases increased 33.3% over August 2019. The housing market exceeded expectations and forecasts for August. Lower rates, alternative options to Prime, housing demand, and people wanting more space during the pandemic are reasons for the purchase boom.
Average Loan Size
MBA reports that purchase activity has outpaced performance levels over 2019 for the 18th consecutive week and their survey shows an average loan size at a new high at $370,200.
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