Spring-summer is usually the traditional home-buying season.
At minimum, the end of summer typically means a modest slow down to the real estate market.
Given the circumstances, however, the real estate market hasn’t really taken much of a break as of late. The closing weeks of August and into September were no exception.
The Mortgage Bankers Association reports that mortgage loan application volume increased during the closing weeks of summer by nearly a half of a percentage point.
Purchases grew even more on a seasonally adjusted basis by nine percentage points, according to the market index compiled by the association.
Along with the real estate lending gains, refinance activity simmered down a bit by 3%.
Purchase applications hadn’t been this good since April, though. To close out the month, purchases were up by 7%. Last September, the numbers were running in the opposite direction, down by 11%.
Another insight into the market was clear in the applications for conventional and government purchase, which also increased. Furthermore, the size of these loans also rose to nearly $400,000 as home prices kept up their growing pace.
On average, FHA and VA loan applications experienced a minor, less-than-one-percent decline.
The big takeaway is that mortgage rates remain extremely low, allowing more borrowers to secure financing at historic bargains.
As the real estate engine continues to rev, you can also get into the fast lane to homeownership.
If you love this region and dream of owning a home in El Dorado Hills, contact us today to learn more about the various lending programs that can get you there.
We’ll work with you to devise a mortgage loan that both fits your budget and stands out from the rest.
Our team of lending professionals will provide the support and education you need to make informed decisions and remain competitive in today’s hyperactive market.
Please contact us today to learn more about these opportunities.