According to the Mortgage Bankers Association weekly survey, mortgage applications for home purchases are the highest they have been since the middle of the housing rebates in May 2010.
The Mortgage Bankers Association works on a seasonally adjusted calendar and show an increase of 14.4% last week. Michael Fratanoni, the association’s president of research and economics stated that “The increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation.”
Interest rates have risen to 4.50% for a 30-year fixed-rate mortgage from the previous week’s 4.46% and 15-year fixed-rate has decreased from 3.83% to 3.87%.
This is good news after a decline in sales in October. The Bryan College Station real estate market has been on the rise for the month of November and we expect an increase in home sales for this month. The increase in mortgage applications nationally is a great marker for the health of the housing market state-wide and locally.