Mortgage application gains suggest market recovery from COVID-19

by | Jun 3, 2020

The number of mortgage applications gained steam for the fifth consecutive week, according to the Mortgage Bankers Association.

While refinancing is slightly down, applications for home purchases increased by six percent in the span of one week, the association’s data show.

The string of growth in home applications may be a sign that the real estate market is beginning to recover from the impacts of COVID-19.

With the reopening of local economies, homebuyer and seller activity appear to be on the upswing.

The overall market is being lifted by the continuation of ultra-low interest rates.

However, the market composite index, which gauges the overall application volume, decreased slightly. At the same time, government backed applications, which include FHA and VA loans, are five percent higher than a year ago.

If you’re thinking about buying a home in Boise, our team is here to help. We can provide guidance and support to help you reach your real estate goals.

As we begin to make progress in reopening parts of the economy, we hope you remain optimistic about your future as a homebuyer, too. Please contact us today to learn more about the real estate market in Boise and for information about the incredible loan programs that can make homeownership a reality.