flexiblefullpage - default
Currently Reading

Homebuyers Hungry for Mortgages Despite Rising Rates

billboard - default

Homebuyers Hungry for Mortgages Despite Rising Rates

June 10, 2020
Couple moving into home
By fizkes

Mortgage demand from homebuyers crushed expectations after a less-than-stellar performance at the beginning of the week. CNBC reports applications for loans to purchase a home were up 13 percent from last year and 5 percent higher than the week prior, even as mortgage interest rates began to climb. Refinancing, which has been relatively stagnant compared to purchasing in the past month, also got a boost last week, surging 11 percent from the week prior and 80 percent higher annually. Though the housing market is still healing from the pandemic’s economic fallout and shelter-in-place orders, these are hopeful signs that the market is on its way to recovery. 

Rising interest rates did nothing to deter an onslaught of mortgage demand from homebuyers.

Applications for loans to purchase a home rose 5% last week from the previous week and were 13% higher than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. 

Mortgage rates started the week near a record low but rose steadily throughout the week, with a spike on Friday, following the May employment report, which was much less dire than expected. The average for the week, however, showed only a small gain, with the 30-year fixed increasing to 3.38% from 3.37% for conforming loans with a 20% down payment. Points, including the origination fees, were unchanged at 0.30.

Read More

Related Stories


Aging in Place: My Aunt Nancy’s New ADU

An apartment addition for an accessory dwelling unit to allow a family member to age in place presents several challenges and lessons learned for both the homeowners and contractor alike

Housing Markets

Average Homebuyer Income Increased Considerably in 'Pandemic Boomtowns'

Remote workers moving to Boise, for example, have raised the average annual income of homebuyers by 24%, to $98,000

Housing Giants

What Now for Residential Construction? The Housing Industry Post-Pandemic

The COVID-19 pandemic is essentially over, but the disruption to the housing industry that lies in its wake will be felt for years to come

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.