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Low Rates, Pent Up Demand Fuel Continued Housing Recovery

Mortgage News > Low Rates, Pent Up Demand Fuel Continued Housing Recovery
Date: 06/10/2020    Low Rates, Pent Up Demand Fuel Continued Housing Recovery

The coronavirus crisis seems to have only held back the housing market for a few weeks. Applications for home purchase loans rose another 5% in the latest week and are now 13% higher than a year ago, according to the Mortgage Bankers Association. Demand for refinance mortgages also jumped, rising 11% from the previous week and an astonishing 80% compared with last year. Pent up demand and low interest rates have pushed applications forward at a surprising rate now that the COVID-19 economic shutdowns have started to lift.

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