Labor Day was a productive time in the real estate market.
After a small slump the weeks before, the volume of first mortgage applications during Labor Day week shot up by nearly 5%.
The positive news is just one sign of a healthy real estate market and added housing inventory.
There is more good news.
The Mortgage Bankers Association’s market composite index, which gauges the volume of mortgage applications, estimated that overall mortgage volume expanded by 16% during mid-September.
As far as refinance applications, those also increased by about 7% during this reporting period. Purchases were up 12%.
Taken together, all the real estate activity added up to the best performance in over a month. Some data points, including purchase applications, haven’t been this good since early spring.
Even as home prices continue to move upward, its effect on housing demand remains minimal. At the same time, increasing housing inventory is helping ease the bottleneck of eager buyers entering the market.
Today’s market is adding new home construction and more listings of current homes.
Mortgage rates have also stayed attractively low during all these real estate market gains.
If you’re thinking about buying a home, we have a loan program that can help you power through this process. Each program is specific to the needs of the buyer.
For instance, the FHA loan programs are backed by the Federal Housing Administration. As such, they extend to borrowers more lenient terms. Applicants have a little extra wiggle room when it comes to a down payment and their credit score through this specialized lending program.
A conventional loan is another option. Borrowers can purchase a home without having to worry about the added cost of mortgage insurance, but they’ll have to provide a larger down payment for this program.
A VA loan, much like an FHA loan, features unique perks. Applicants who actively or previously served in the military will not need to come up with a down payment when they purchase a home as a VA loan borrower.
For our hometown heroes, there’s a mortgage program for them too. Local public safety professionals working on the frontlines to combat the COVID-19 pandemic qualify for special closing costs credits toward the purchase of their home, among other perks.
Premier Mortgage Resources offers a variety of additional loan programs and features that will fit your financial situation, whatever it may be. Our loan officers will help you find the right loan program for your home purchase or refinance.
When you work with us, you’ll quickly see that we’re passionate about matching a loan program to your unique situation so you can realize your dream of homeownership in a hassle-free way.
PMR is not affiliated with or an agency of the federal government. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax-deductible for Federal income tax purposes and the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.