Homebuyer Mortgage Demand Spikes to 11-year High
- Mortgage applications to purchase a home rose 4% last week from the previous week and were a remarkable 21% higher than a year ago, according to the Mortgage Bankers Association.
- That was the ninth consecutive week of gains and the highest volume in more than 11 years.
- The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.30% from 3.38%.
“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 Mortgage Bankers Association economist Joel Kan.
From an original post by Diana Olick of MSNBC PUBLISHED WED, JUN 17 20207:01 AM EDT UPDATED WED, JUN 17 20209:23 AM EDT
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