Rise in Mortgage Applications

Posted by Gregory Damis - CNHS on Jan 30, 2023 in News


With a Yahoo! Finance headline like "Real Estate Rebound: Demand for New Mortgages Jumps 28% in One Week", you're bound to take a double-take. Applications up over a quarter? Really?

Here are some highlights from the article:

  • Mortgage applications for the week ending January 13 rose a whopping 27.9% from the prior week, according to the Mortgage Bankers Association (MBA).
  • There was a combined cause: falling mortgage rates + the normal post-holiday rise in applications.
  • The average interest rate for a 30-year fixed-rate mortgage backed by the FHA fell to 6.26% that same week, their lowest level since September 2022.
  • Despite this surge in mortgage applications, experts foresee a more balanced market in 2023, after the strong seller's market over the past couple of years.

Here in the Philadelphia region, we are already seeing signs of the spring real estate market, typically a popular time to sell and buy. Because of historically high home prices and mortgage rates doubling, the market has experience a bit of a slump over the past 6 months or so, so this article is good news. Lower mortgage rates and more homes naturally coming on the market as spring market arrives could help buyers feel optimistic.

If you're looking to buy your next home or sell your current one in the next 6-12 months, I want to hear from you. Let's talk soon so we can discuss a plan of action.

Greg, CNHS

Link to the full Yahoo! Finance article here

Are you a Philadelphia homeowner? Remember that Philadelphia real estate taxes are due March 31. Check out the many ways you can save and pay.

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