The real estate market was in complete disarray during the initial stay at home orders. One thing that real estate professionals are excited about is how quickly we are seeing a rebound back to the norm across the nation.
Mortgage applications to purchase a home increased 5% last week and were 13% higher than the previous year. Low mortgage rates and pent up demand have fueled a lot of the buying spike.
Current homeowners are also looking to take advantage of low rates boosting the refinance index 80% higher than this time last year.
“The recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its highest level since January,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting, in a statement. “Purchase activity increased for the eighth straight week.”