(Photo courtesy gannett-cdn.com)
So it turns out that when you spend a lot of time at your home, you really begin to realize the importance of…well, your home.
Americans are applying for mortgages at record levels as interest rates drop.
“We are seeing record numbers of refinance applications, and actually in the last few weeks, record numbers of purchase applications as people prepare to buy a home,” said Quicken Loans CEO Jay Farner.
In fact, Farner said purchasing activity is up “across the board.”
“I think it might be a change in thinking as people think about home and how important that is,” he said.
Another reason people might be buying houses? The price! Mortgage rates hit record lows last week after the typical rate on America’s most popular home loan — the 30-year fixed-rate mortgage — tumbled below 3% for the first time. In other words, now is a good time to buy a home or refinance your mortgage because it’s cheaper to borrow money!
And people are taking advantage of it. Mortgage applications jumped 13%, suggesting robust and pent-up demand in the US housing market.
As they say, home is where ~~the heart is~~ you wait out a global pandemic.