For the sixth consecutive week, applications for purchase mortgages reached a new high, according to the Mortgage Bankers Association.
This milestone elevated the association’s market index, which measures application volume, back into positive territory, increasing to 2.7 percent. It also marks its highest point since the beginning of the year and the first year-to-year gain since March 6.
The refinance index fell slightly by less than a quarter of a percent from the previous week but remained 176 percent higher than the same time a year ago.
Recovery of the home purchase market appears to be gaining steam. As more local economies reopen following months of shelter-in-place measures, more buyers are entering the market with more confidence.
Purchase applications alone rose by 9 percent to end the month of May. And loan amounts have also increased during this time.
The share of FHA loan activity reached 11.2 percent while VA loans held at a 12.5 percent share.
As economies reopen and customer confidence increases, you may be wondering if now is the time to enter the real estate market. We can help you plan for homeownership and provide guidance to navigate the market successfully. With interest rates remaining low and a suite of empowering mortgage loan programs within reach, we know we can be the right partner for you.
Please reach out to us to learn more about the various loan programs and other resources we offer to get you into a home of your dreams here in Boise.