CNBC is reporting that weekly mortgage application numbers are indicating real recovery in the home buying sector. The statistics show that “Mortgage applications to purchase a home rose for the third straight week, up 7% compared with a week earlier.” Although this is still below the annual comparison overall, it is good news for the Worcester, MA real estate market, which certainly was not immune from the impact of Covid-19 on the local economy. This is more than likely in part due to some historically low mortgage rates available.
According to the article, “The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 fell to 3.40% from 3.43%. The new rate is a record low for the weekly survey, which began in 1990.” Low mortgage rates combined with increasing consumer confidence could lead to a strong rebound towards the tail end of the Spring Market.
For more information on this trend, read the full article here.
At DiRoberto Property Management, we know the local Worcester real estate market inside and out. We can assist with all different kinds of properties, including: Multi-Families, Commercial Properties, Apartment Complexes, and Condominiums. If you’re looking to make a specific transaction or purchase, you can also visit The DiRoberto Team website for all of your real estate needs at www.worcestersalesandrentals.com
CNBC “Weekly mortgage applications show real recovery in homebuying, as interest rates set another record low” www.cnbc.com. Accessed 15 May 2020.