For the last 3 months Portland, Oregon, Realtors and mortgage lenders have been watching as new applications for mortgages have been rising. This is good news for people selling homes in Oregon, as there is a wider pool of buyers. This also means that there is more competition for buyers. With my own clients I am seeing many of my buyers making offers on homes with multiple offers in on them, whether they are short sale, bank owned properties, or traditional sellers. This is a positive sign for the real estate market as a whole, prices stabilize when the number of buyers increases. The following is an article with all of the facts and figures, from Agent Genius.
According to the Mortgage Bankers Association (MBA), the seasonally adjusted index of mortgage application activity jumped up to the highest level in three months last week.
The index accounts for home purchase and refinancing loans, rising 15.5% last week as unemployment rates were announced as markedly improved employment numbers. Home purchases saw gains of 12.5% while refinancing apps jumped 17.2%.
Last week marks the largest increase in mortgage applications since mid June of last year.
“Taking into account typical seasonal patterns, purchase applications rose to their highest level of the year last week. On an unadjusted basis, purchase application activity is the highest since last May,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.
Fratantoni continued, saying, “An improving job market is beginning to pave the way for an improving housing market. Additionally, mortgage interest rates remained below 5 percent for a second week, maintaining affordability for buyers and leading to an increase in refinance applications.”
Source: Agent Genius