During Spring, it is not unusual for the housing market to see an uptick. This year is no exception. Right now, the demand for mortgage applications is accelerating. In fact, the Mortgage Bankers Association reported that mortgage applications increased 7%, seasonally adjusted, last week compared to the week before.
This weekly metric is called “the purchase index.” It is an indication of the seasonal uptick the housing market sees every spring. On the other hand, the MBA index tracking refinance applications dropped 5% from the prior week.
Last week, the average rate for a 30-year fixed rate mortgage was 3.26%. This was the highest since July 2020. This could be because of fast economic growth, an improving job market, increased vaccine distribution, etc. Furthermore, for the second week in a row, the average loan size on mortgage applications dropped.
AMG International Realty is a global real estate firm specializing in Florida. Are you looking to buy, rent, or sell in Miami? We are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. Contact us today!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).