Buyer Interest in Purchase Loans Surges
July 7, 2009 · Posted in News For Homebuyers
Requests for purchase loan quotes were up 12% in June vs. May, and up 230% since the start of the year, signifying what could be good news in the number of people who are shopping for homes. Zillow Mortgage Marketplace saw more than 32,000 requests for purchase loans in June versus just under 10,000 in January.
Meanwhile, requests for refinance loans were down -36% in June vs. May, and down -28% from the start of the year. This is attributed to a rise in mortgage rates in recent weeks. Today’s average rate for a 30-year fixed loan is 5.35%, up from as low as 4.96% in May.
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