Weekly Mortgage Applications See a Big Increase

May 8, 2019

After getting off to a slow start, the spring home-buying season may be kicking into high gear. Mortgage applications increased 2.7 percent from the week before, according to the Mortgage Bankers Association. This is 8 percent higher than the same week one year ago. The bulk of those applications were for purchases (rather than refinancing), which increased 4 percent for the week, and 5 percent year-over-year.

The average dollar amount for purchasing applications hit a record high. This suggests that much of the buying activity is occurring at the high-end of the market. Availability and prices continue to keep entry-level buyers out of the market.

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