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Housing Trends

Plunging mortgage rates send homebuying sentiment soaring

After disappearing in the spring, the housing market is back for the summer

After the spring homebuying season was derailed by the pandemic, home shoppers appear to be making up for lost time. Demand for mortgages is soaring, and so is confidence among buyers.

The perfect storm of pent-up demand and record-low interest rates resulted in a 5 percent increase in mortgage applications last week, according to the Mortgage Bankers Association (MBA). But compared to the same week a year ago, applications were up a shocking 33 percent.

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