Mortgage applications are up both from last week and last year at this same time.
There were 4.5% more mortgage applications submitted last week than the week before, and 6.1% higher than the same time last year.
This is the highest level of new purchase mortgage applications since April 2010.
CNBC has a great article outlining the reasons for this jump.
Analysts are attributing this rise in applications to the fact that inventory was low last summer and that interest rates have been rising, so buyers are getting into the market as quickly as they can. They feel that inventory may continue to be low, yet interest rates may rise – making homes more expensive both on the price and mortgage fronts.
If you have been considering buying a home in Baltimore, it may be the right time now! Contact me so we can get you into a new home soon!