30-Second Update: Mortgage Applications Surge, Rates Near Lowest Level in Two Years!

According to the Mortgage Bankers Association’s seasonally-adjusted index, mortgage applications surged 26.8% in the week ending June 7th.  In addition, overall mortgage volume was 41% higher than this time a year ago.  Mortgage rates, which have dropped to their lowest level in nearly 2 years helped propel the surge in applications and volume.  Refinances, which are the most rate-sensitive, jumped a remarkable 47% week-to-week and 97% annually.  Mortgage applications to purchase a home, which usually react slower to drops in rates, increased 10%. 

Overall, the current lower interest rate environment is having a tremendous positive impact on the housing market.   Freddie Mac Chief Economist Sam Khater stated, “These low rates are good news for current homeowners.  With rates dipping this low, there are over $2 trillion worth of outstanding mortgages eligible to be refinanced, meaning the majority of what was originated in 2018 is now eligible.”

Whether you are in the market for a new home or getting ready to refinance, this is a great time to start the process and see what you qualify for.  Call Advisors Mortgage today to see how we can help.

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