Shelter Six:  Purchase Applications Soar to Highest Level in 11 Years

The housing market continues to rebound stimulated by low rates, surging applications, and a gradual improvement in consumer confidence.

Mortgage purchase applications were up last week to the highest level in over 11 years and 21% higher than the same week last year.

Jobless claims continue to improve and have now dropped 11 straight weeks.

Forbearance figures have decreased three weeks in a row and now represent 8.7% of all mortgages, according to Black Knight’s June 16 report.

Mortgage products continue to gradually come back as lending opens back up and some of the restrictions recently put in place go away.

Anyone with a rate of 4% or higher who plans on staying in home 3+ years should look into refinancing right away.

Rate Update

30-year mortgage rates continue to hover around 3% thanks to tame inflation and the Fed’s ongoing commitment to buying bonds.

This Week

Existing Home Sales will be released on Monday, New Home Sales on Tuesday, and the Core PCE Price Index on Friday.

June 22, 2020 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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