Monday Market Update: Purchase Demand On The Rise

As the holidays approach, an unusual trend is occurring in the real estate market. Buyers are getting more interested in home purchases, not less! While most people don’t see the holidays and end of year as the ideal time to move, we all know that the best time is when the time is right for you. Homebuyers may seem to find that there is no better time than the present, in some areas and according to some mortgage application data.

Here are 5 things to know about purchase demand this month so far: 

#1: Even though rates ticked slightly higher and refinance rates cooled, mortgage applications as a whole posted a modest increase due to buyer interest. 

#2: Purchase activity increased 6% on a seasonally adjusted basis (3% unadjusted), surging 31% above this same week last year. 

#3: Purchase applications increased for all loan types – including conventional, FHA and VA loans. 

#4: The unadjusted purchase index indicates this is the strongest start to November since 2022. 

#5: The Mortgage Banker Association (MBA) VP & Deputy Chief Economist Joel Kan states that purchase applications are increasing most in markets where inventory is increasing and sales price growth is slowing down. 

Read more from our resources used at Mortgage News Daily and Realtor.com. 

Does this data surprise you? Do you know anyone who is house hunting? What would inspire you to make a move today? Feel free to share with us at any time! 

Have a great week,

Bobbi 

Bobbi Decker
DRE#00607999

Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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