According to the Mortgage Bankers Association, mortgage applications to buy a home were up 5% for the week ending July 3, a whopping 33% increase from a year ago. That’s on a seasonally adjusted basis and taking into account the Fourth of July holiday.
“The average purchase loan size increased to $365,700—also another high—as borrowers contend with limited supply and higher home prices,” MBA economist Joel Kan said in a statement