Rogers Healy & Assoc. Real Estate owner Rogers Healy on the state of the housing market.
Mortgage applications rose in the past week as borrowers reacted to lower mortgage rates.
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Rates were driven lower by investors’ increased concerns about the economic impact of China’s coronavirus outbreak.
The 30-year fixed-rate mortgage decreased to 3.81 percent from 3.87 percent.
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Demand for mortgages increased 7.2 percent from the prior week, according to the Mortgage Bankers Association’s Weekly Mortgage Application Survey.
“With the 30-year fixed rate at its lowest level since November 2016, refinances jumped 7.5 percent. Purchase applications grew 2 percent and were more than 16 percent higher than the same week last year,” said Joel Kan, MBA’s associate vice president. “Thanks to low rates and the healthy job market, purchase activity continues to run stronger than in 2019.”
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The seasonally adjusted purchase index rose 5 percent from last week.
The refinancing index increased 8 percent from the previous week and was 146 percent higher than the same week a year ago.
The refinance share of mortgage activity decreased to 60.4 percent of total applications, down from 61.6 percent in the prior week.
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The survey covers over 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.
