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  • SUCCESS STORIES
  • ABOUT US
    • ABOUT BILLY
    • CONTACT BILLY
    • CERTIFICATIONS
    • MEET OUR TEAM
    • OUR COMPANY
  • OUR BLOG
  • HOMES FOR SALE
    • ALL 18 LONG BEACH HISTORIC DISTRICTS
    • ◊ BELMONT HEIGHTS ◊ EST 7 MAY 2002
    • ◊ BLUFF HEIGHTS ◊ EST 13 JULY 2004
    • ◊ BLUFF PARK ◊ EST 29 JULY 1982
    • ◊ BRENNER PLACE ◊ EST 1 JAN 1994
    • ◊ CALIFORNIA HEIGHTS ◊ EST 29 AUG 2000
    • ◊ CARROLL PARK ◊ EST 24 JULY 1990
    • ◊ CRAFTSMAN VILLAGE ◊ EST 27 OCT 1992
    • ◊ DRAKE PARK / WILLMORE CITY ◊ EST 28 APR 1998
    • ◊ ELIOT LANE ◊ EST 9 SEP 2003
    • ◊ GRANT NEIGHBORHOOD ◊ EST 15 OCT 2019
    • ◊ LINDEN AVENUE ◊ EST 5 APRIL 1994
    • ◊ LOWENA DRIVE ◊ EST 11 FEB 1992
    • ◊ MINERVA PLACE ◊ EST 7 NOV 1989
    • ◊ ROSE PARK ◊ EST 9 SEP 1997
    • ◊ ROSE PARK SOUTH ◊ EST 7 AUG 2001
    • ◊ SUNRISE BOULEVARD ◊ EST 20 DEC 1990
    • ◊ WILTON STREET ◊ EST 1 AUG 1995
    • ◊ WRIGLEY ◊ EST 12 DEC 1989
    • LONG BEACH HISTORIC DISTRICT VIDEOS
    • POMONA, CALIFORNIA HISTORIC DISTRICTS
  • OLD HOMES RESOURCE GUIDE
    • ANTIQUE METAL REFINISHING
    • APPLIANCES
    • BLOGS
    • FABRICS AND TEXTILES
    • GARAGE DOORS
    • GATES
    • FURNITURE REFINISHING
    • HARDWOOD FLOORING
    • LOCKSMITH
    • NATIVE PLANTS
    • PERIOD & REPRODUCTION HARDWARE & LIGHTING
    • PLASTER/STUCCO
    • PLUMBING
    • POTTERY
    • SALVAGE
    • TILE ◊ REPRODUCTION, VINTAGE, SALVAGE, COLLECTIONS, REPAIRS, HANDMADE, BRAND NAME
    • WINDOWS AND DOORS
    • WOODWORKING
    • HISTORIC PAINT COLORS
    • HISTORIC HOME TOURS & RESTORATION VIDEOS
  • LONG BEACH TRAFIC SIGNAL BOX ART
  • LONG BEACH UNIFIED SCHOOL DISTRICT
    • SEARCH LONG BEACH UNIFIED SCHOOLS BY ZIP CODE OR HISTORIC DISTRICT
  • CITY OF LONG BEACH COMMUNITY WATCH STARTER KIT
  • LONG BEACH RESTAURANTS, PUBS & BARS
  • PREFFERED LENDER
    • LENDER PAPER WORK 101
    • Mortgage Calculator
  • 2020 ABSOLUTE BEST OF LONG BEACH WINNERS!
  • BILLY’S PICKS | LONG BEACH 2021 EVENTS
    • LONG BEACH TRFFIC SIGNAL BOX ART
  • LONG BEACH HISTORY | 1784 to 1988
    • IMPORTANT DATES IN THE HISTORY OF RANCHO LOS CERRITOS
    • VIDEOS ON LONG BEACH HISTORY
  • LONG BEACH TRAFIC SIGNAL BOX ART
  • ERNEST A BATCHELDER
  • GREENE&GREENE
    • ADELAIDE TICHENOR HOUSE
    • JENNIE A REEVE – TOWNSEND HOUSE
  • THE ARTS AND CRAFTS MOVEMENT AROUND THE WORLD
    • ARTS AND CRAFTS MOVEMENT DESIGN
  • GUIDE TO RESIDENTIAL ARCHITECTURAL STYLES
  • PRESERVATION
    • LEVELS OF HISTORIC DESIGNATION
    • MILLS ACT
    • HISTORICAL SOCIETY OF LONG BEACH
  • LONG BEACH MEDIA
  • SCHEDULE A HOME TOUR
  • ARTS AND CRAFTS MOVEMENT DESIGN
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BuyersSellers

Mortgage demand from homebuyers surges 40% from a year ago amid sales spree

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Diana Olick,09/17/2020
Published Wed, Sep 9 20207:02 AM EDTUpdated Wed, Sep 9 20209:19 AM EDT
The end of August usually marks the beginning of the slow season for housing, but as with everything else, this year’s trends are like no other. Mortgage applications to purchase a home rose 3% last week from the previous week and were a stunning 40% higher from a year ago, accord ing to the Mortgage Bankers Association’s seasonally adjusted index. The year-on-year comparison is usually in single digits. While it may have been skewed slightly by the Labor Day holiday,which fell earlier last year, purchase demand is still running significantly higher than a year ago.


Buyers are still getting significant incentive from low mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances up to $510,400 fell to 3.07% from  3.08%, with points remaining unchanged at 0.36, including the origination fee, for loans with a 20% down payment.

 

For the 15-year fixed, the rate declined to a record low of 2.62% on conventional loans.

 

“There continues to be resiliency in the purchase market,” said Joel Kan, an MBA economist. “The average loan size continued to increase, hi ting a survey high at $368,600. Highlighting the strong overall demand for buying a home, conventional, VA and FHA purchase applications all increased last week.”

 

Applications to refinance a home loan rose 3% for the week and were 60% higher than a year ago. Refinance volume has been extremely high since rates plummeted last March, but the pool of borrowers who haven’t already taken advantage of these low rates is shrinking. The  refinance share of mortgage activity increased to 63.1% of total applications from 62.5% the previous week. The adjustable-rate mortgage share of activity decreased to 2.2% of total applications.

 


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