The homebuying rush continues. As the economy re-opens, purchase applications are way up.
Mortgage applications to buy a home are up 18 percent compared to a year ago. Last week purchase applications jumped five percent from the week before. The Mortgage Bankers Association reports the national average for a 30-year fixed-rate mortgage fell to a record low 3.36 percent.
“I think housing is definitely going to be a boost to the economic recovery here in the early stages,” Greg McBride, Chief Financial Analyst with Bankrate, said. “There’s clearly some pent-up demand for homebuying. The face that mortgage rates are at record lows, that helps both buyers and sellers because it gives buyers more affordability.”
Despite the economic downturn and the low price of oil, there's still lots of activity in the Houston housing market. Real estate professionals in Katy say buyers are on the lookout for homes amid low interest rates.