Mortgage applications rose for the fifth week in a row, according to data released by the Mortgage Banking Association (MBA) on Wednesday. The newest pieces of data might signal that citizens around the nation are beginning to crawl back into the housing market. Purchase activity, which six weeks ago was 35% lower than the year prior, increased across all loan types. According to MBA Associate Vice President of Economic and Industry Forecasting Joel Kan, purchase activity has now risen to only 1.5 percent lower than last year’s figures.
“As states gradually reopen and both home buyer and seller activity increases, we will be closely watching to see if these positive trends continue, or if they reflect shorter-term, pent-up demand,” said Kan.
Among other things, the recent release also indicated that the Federal Housing Association’s share of mortgage applications were stagnate at 11.5 percent.