The Mortgage Bankers Association released their Mortgage Application Data for the week ending 6/16, showing that overall application volume increased by 0.6%. Applications to Purchase a home were down 1.0%, but are still up 9.2% year over year.
Refinances increased by 2.0% and are down 30% from this time last year. Interest rates were about 0.34% higher than they were last year. The Refinance share of Mortgage Applications increased to 46.6% from 45.4% of total applications.
The ARM share of applications increased slightly to 7.5% from 7.4%.
Existing Home Sales, which tracks closings on Existing Homes, were up 1.1% in May at a 5.62M unit annualized pace. This was stronger than expectations looking for a 0.5% drop.
Inventory levels actually improved 2.1% from the previous report to 1.96M homes for sale, but are still down 8.4% year-over-year. Even in the face of this big drop in inventory on a year over year basis, which is roughly 180,000 homes, sales are still up 2.7% year-over-year. This underscores the health of the housing market.
If you would like more detailed information about your neck of the woods, please give me a call and I’ll be happy to provide a customized report for you whether you’re a seller, buyer, or REALTOR®