COVID Rises – But Mortgages Applications Rise, Too
The world continues to adjust to COVID-19, and the real estate market continues to march on.
With the record-low interest rates that have continued, potential homebuyers have jumped at their opportunity to purchase homes.
Although purchase mortgage volume dropped 3% during the week of June 15th, it was still 18% higher than a year prior.
Joel Kan, Mortgage Bankers Association’s Chief Economist, explains, “One factor that may potentially crimp growth in the months ahead is that the release of pent-up demand from earlier this spring is clashing with the right supply of new and existing homes on the market. Additional housing inventory is needed to give buyers more options and to keep home prices from rising too fast.”
2020 has certainly changed many outlooks for the predicted year in real estate, but experts are keeping a close eye on mortgage prices and housing demands.
For more real estate news, stop by Alliance Title’s Blog.