Purchase applications were up 18% compared to the same time last year and up 6% from a week ago, according to the Mortgage Bankers Association‘s Weekly Mortgage Applications Survey. This gives us two back-to-back weeks of positive year-over-year prints for purchase applications in the final weeks of the typical housing market heat months. It’s not a coincidence that […]
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On Monday, the average rate on the 30-year fixed mortgage hit 3.34%, down from 3.42% last week, according to Mortgage News Daily. If the rate holds for more than one day, it will be the lowest it’s fallen in eight years.
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Buying a house is probably the largest single financial decision people ever make – and it’s a decision that’s made with high frequency each year.
Though these figures have somewhat leveled off in recent years, total home sales continue to hover around 6 million, spurred on by historically low lending rates and the longest economic expansion in U.S. history. It would seemingly look like a great time to buy a house, but that all depends on if you have your credit in order.
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