Homebuyer Demand Hits Highest Level in More than a Decade
January 17, 2020
Low mortgage rates have helped the housing market get off to a strong start in 2020. Total mortgage application volume increased 30 percent last week as compared to the week before.
Refinancing was responsible for much of the surge, with applications jumping 43 percent for the week and up 109 percent from the same week a year prior.
Homebuyers also wanted to get a jump on the new year, with applications for purchasing up 16 percent for the week and 8 percent up year-over-year. Purchase mortgage activity hit the highest level since October 2009.
While low rates and a strong job market make buyers eager to purchase, the housing market continues to be hamstrung by historically low supply.