Home buyer demand hit its highest level in 11 years, as January continues to shape up to be a hot month for the housing market. Weekly mortgage applications jumped 30% for the week ending Jan. 10, a sign that home buyers are emerging, the Mortgage Bankers Association’s seasonally adjusted index shows. The average 30-year fixed-rate mortgage decreased to its lowest level since September, averaging 3.87%, the MBA reports.
Applications for home purchases, a gauge of home buying activity, jumped 16% last week, reaching the highest level since 2009.
Source: “Weekly Mortgage Applications Soar 30% as Homebuyer Demand Hits the Highest Level in 11 Years,” CNBC (Jan. 15, 2020) and “Falling Mortgage Rates Set Off a Stampede of Borrowing,” MoneyWise (Jan. 15, 2020)