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Homebuyer Mortgage Demand Spikes to 11‑year High, as Rates Hit Another Record Low

Buyers are rushing back into the housing market, enticed by record low mortgage rates and a pandemic-induced need to nest like never before.

Mortgage applications to purchase a home rose 4% last week from the previous week and were a remarkable 21% higher than one year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. That was the ninth consecutive week of gains and the highest volume in more than 11 years.

“The housing market continues to experience the release of unrealized pent-up demand from earlier this spring, as well as a gradual improvement in consumer confidence,” said MBA economist Joel Kan.

Buyers were also fueled by a new record low mortgage rate. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to 3.30% from 3.38%, with points decreasing to 0.29 from 0.30 (including the origination fee) for loans with a 20% down payment.

Source: National Association of Realtors, Realtor Magazine.

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Information is deemed reliable but not guaranteed.