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Rates again drop to new lows; mortgage applications are up 22%

  • Aug 10, 2020
Strong Market

Mortgage rates drop again, hitting a record low for the eighth time this year

Freddie Mac reported on August 6 that “the resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand.” Rates are expected to remain low, but lack of housing inventory remains a barrier to rising demand for houses.

Mortgage applications are 22% higher than a year ago

The National Association of Realtors reported on August 6 that mortgage applications to purchase a home are 22% higher than a year ago. Purchase applications week to week were down 2% even as mortgage rates remain near record lows.

Housing market remains strong and mortgage rates will likely remain low

Narin Seera, Vice President of Capital Markets Operations at Academy Mortgage, says: “While the U.S. housing market remains strong for new and existing home sales, the promise from Federal Reserve to maintain the current low rates through 2022 provides further impetus to the U.S. real estate market and the sector financing it.”

 

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