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Would-be homebuyers are once again coming out of hibernation, this time prepared to strike a deal before competition heats up.
The volume of applications for a mortgage increased 9.9% from one week earlier on a seasonally adjusted basis for the week ending Jan. 10, according to the Mortgage Bankers Association (MBA). Some of that activity was driven by purchase applications, which increased 6% from the previous week, as buyers capitalized on the year-end decline in rates and a small boost in inventory levels.
For rate-sensitive buyers who have been waiting on the sidelines, these first few weeks of the year could offer a window to purchase, experts said. Still, any relief in affordability could be short-lived.
Bidding wars are already erupting in some areas of the US, which could drive up home prices among the few attractive listings. Additionally, new economic data this week could sway the Federal Reserve to postpone its planned rate cuts — keeping rates higher for longer.
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