Real Estate

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

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Prospective home buyers arrive to tour a house for sale in Dunlap, Illinois, U.S., on Sunday, Aug. 19, 2018.

Daniel Acker | Bloomberg | Getty Images

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…



Source cnbc.com

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