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New home sales jump to a 13-year high; mortgage applications increase by 4.1%

  • Jul 27, 2020
Pent Up Demand

June home sales rose to a 13-year high; mortgage applications increase by 4.1%

“Low mortgage rates and pent-up demand from buyers drove sales of new houses to a 13-year high in June,” said a July 24 HousingWire article. “Houses sold at the fastest pace since July 2007 as mortgage rates tumbled to record lows set last week.”

HousingWire also reported that mortgage applications increased 4.1% over the previous week. Mortgage rates rose slightly over the previous week, said Freddie Mac, but are still at 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: “Home prices continue to appreciate, albeit at a much slower pace than last year. The low rates observed today are expected to stay at these levels through the summer buying/selling season. These lower rates are providing a good impetus to prospective buyers and continue to bode well for new and existing home sales.”

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