Weekly mortgage applications rise 2.7% in a strong week for homebuyers

Weekly mortgage applications rise 2.7% in a strong week for homebuyers. Weekly mortgage applications drop 3.3%, as spring housing season draws.

Weekly mortgage applications rise 2.7% in a strong week for homebuyers video duration 2 Minute(s) 41 Second(s), published by YT Night News on 30 05 2019 - 11:27:21.

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Please follow our twitter https://twitter.com/YTNightNews1 and get the latest hot news in future.After pulling back for several weeks, homebuyers stepped back into the mortgage market last week.Total mortgage application volume increased 2.7% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 8% higher compared with the same week one year ago.Purchase applications drove the gains, rising 4% for the week and 5% annually. May is one of the strongest months for home sales historically, especially for larger families looking to move up. This is because they want to move during the summer school break.While the supply of homes for sale at the low end of the market is slim, there is a growing supply of higher-end homes for sale, so buyers have more to choose from. Prices are also easing up a bit, although they are still higher in most major housing markets compared with a year ago.The average loan size for purchase applications hit a survey high, which is more evidence that the bulk of today's homebuying is in the move-up market, not the entry-level. \