The housing market is showing signs of life. Potential homebuyers are starting to look again as stay-at-home orders are being lifted and local economies are begin to reopen.
The latest rise in mortgage applications is seen by many as a big plus. The Mortgage Bankers Association says applications were up 6 percent last week. Senior Mortgage Reporter for Bankrate Natalie Campisi says record-low rates have added an extra incentive.
“So that means independent lenders can take that low rate and pass it on. So, for people with really strong credit scores, this is great. They can get a loan for next to nothing,” Campisi said.
Still, it remains to be seen if the trend will continue or if reflects shorter-term, pent-up demand. Campisi believes we won't see credit restrictions loosing until we see more of a rebound in the economy. If you don't have a good credit score, it'll still be tough to get a loan.