The number of applications for purchase mortgages recently rose for the third consecutive week.
Real estate activity for purchases continued mostly unchanged since May 1. Refinancing, while trending a little lower overall, remains the largest share of the market.
According to the Mortgage Bankers Association, the volume of loan applications recently increased ever so slightly on a seasonally adjusted basis week over week, including a 6 percent increase to purchase applications.
Refinancing, however, accounted for about 70 percent of the application volume during the final week in April. Despite that impressive market share, it was down slightly by a couple of percentage points.
While mortgage applications stood steady and mostly unmoved, interest rates declined to a new record low in the survey. Interest rates for both contract and effective rates inched downward.
Premier Mortgage Resources (PMR) is ready to help you during this uncertain time. Assisting our clients with their needs, including refinancing their home mortgage, remains a top priority to us.
Our offices are open, and our loan officers are available by phone or video.
If you are thinking about refinancing your mortgage to take advantage of today’s incredible rates, please contact us to learn more. We will discuss options and strategies, instilling the confidence you deserve on your journey toward homeownership.