Requests for purchase loans increased last week due to a temporary drop in rates, according to a survey by the MBA. This was supported by better inventory conditions and a more positive economic and job market outlook.
Whether you’re refining your business model, mastering new technologies, or strategizing for the next market surge, Inman Connect New York will equip you for bold steps ahead. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders on Jan. 22-24, 2025.
Homebuyers are ready to capitalize on fluctuations in mortgage rates, with requests for purchase loans rising last week during a brief decrease, as reported in the MBA’s Weekly Mortgage Applications Survey.
TAKE THE INMAN INTEL INDEX SURVEY FOR DECEMBER
Requests for purchase loans saw a 1% increase from the previous week and a 6% increase from a year ago, according to the MBA’s survey for the week ending Dec. 13.
VA loans and conventional mortgages backed by Fannie Mae and Freddie Mac drove the rise in purchase loan applications, according to MBA Deputy Chief Economist Joel Kan.
Joel Kan
According to Kan, “Buyers remained active in the purchase market, supported by gradually improving inventory conditions and a more positive economic and job market outlook.”statement.
Last week, mortgage rates briefly dropped to levels not seen since late October but have since risen.
