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Homebuyer Demand for Mortgages Rises: MBA

Purchasers of homes do not appear to have been held back by recent weeks’ uptick in interest rates. So reports CNBC, citing a pair of reports from the Mortgage Bankers’ Association.

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Requests for mortgages to buy a newly built home leaped 33% in August compared with 2018, according to the MBA.

“New home purchase activity was robust in August, as both mortgage applications and estimated home sales increased from a year ago,” MBA’s associate vice president of economic and industry forecasting, Joel Kan, told CNBC. “Recent increases in new residential housing permits and housing starts, lower mortgage rates and a still-strong job market all bode well for the new home sales outlook.”

And while total mortgage application activity for the week ended September 13 edged lower by 0.1%, according to the MBA’s seasonally adjusted index, buyers stayed busy as mortgage applications to buy a home rose 6%.

Read the full article from CNBC.

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