The volume of mortgage applications increased to its highest point in six years as lower interest rates continue to fuel the market.
The five percent gain is also attributed to the strength of refinancing in the market, according to the Mortgage Bankers Association.
In fact, the Refinance Index jumped substantially year over year as well. It was up 180 percent compared to 2019. Applications for refinancing made up over 60 percent of this activity.
Global economic concerns also drove down the 10-year Treasury yield, resulting in lower mortgage rates. The 30-year fixed-rate loan rate decreased for the fifth time in six weeks.
The rise in applications is also happening at a time when loan amounts are also up.
The real estate market is ripe and full of opportunities that result in mortgage loans with favorable terms. If you’re thinking about establishing roots in the Seattle/Renton/Tacoma region, you and your family may benefit from our loan programs, which include FHA and VA.
An FHA loan is insured by the Federal Housing Administration. This government guarantee means lenders are more willing to approve loans under lenient qualifying terms.
Both first-time buyers and previous homeowners can benefit from the flexible guidelines, which includes a manageable down payment.
The VA loan, which is also backed by the government through Veteran Affairs, encourages approved lenders to lend with more flexible borrowing terms, as well.
With 100 percent financing, no mortgage insurance requirement, qualifying applicants can also secure a loan without a down payment.
Contact us today to learn more about today’s expanding market and how our loan programs can help you achieve your goals.