More Proof Home-Buyer Demand Is Rising

Mortgage applications for home purchases rose last week for the third consecutive week, a fresh sign that home-buyer demand is increasing. Applications, which are viewed as a leading gauge of home-buying activity, were up 7 percent and are now 12 percent higher than the same week one year ago, according to the Mortgage Bankers Association.

“Purchase mortgage application volume last week increased to its highest level since July 2013, spurred on by still-low mortgage rates and strengthening housing markets,” says Mike Fratantoni, MBA’s chief economist.

MBA reports that the 30-year fixed-rate mortgage averaged 3.86 percent last week, dropping from 3.89 percent the previous week.

Source: “Mortgage Applications Rise Points to More Homebuyers,” CNBC.com (April 8, 2015)