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Last updated on February 3rd, 2021 at 12:14 pm
According to an industry report on Wednesday, homebuyer demand is rising once again after pausing around Election Day.
Mortgage Bankers Association’s new assessment showed applications up 4% for the week, and 26% higher than November 2019.
The report said application volume had fallen off for a few weeks around Election Day, Nov. 3. Traditionally, November isn’t a strong month for homebuyer demand.
However, interest rates near record lows, are still helping the industry.
In spite of the economic hardship brought on by the COVID-19 pandemic, demand from prospective homebuyers has remained mostly strong in 2020.
Joel Kan, MBA associate vice president of economic and industry forecasting in a statement said, “Housing demand remains supported by the ongoing recovery in the job market, and an increased appetite from households seeking more space because of the pandemic.
The average refinance loan balance of $291,000 last week was the lowest since January,” he added. “Many borrowers with higher loan balances may have acted earlier on in the current refinance wave.”
The MBA report showed, that applications to refinance dipped slightly last week, but are 98% higher than they were in November 2019.
Reference Source: United States News
