Mortgage applications have been on the rise in the last few weeks, and a housing report from the National Association of REALTORS® on Wednesday finally saw that translate into higher sales—in a big way. NAR reported that existing-home sales surged to a record pace in June, increasing nearly 21% compared to May.
For the ninth consecutive week, mortgage applications posted annual gains, and those increases are widening too. This signals that the rise in sales will likely continue.
Mortgage applications for home purchases rose 2% over the previous week and are 19% higher than a year ago, the Mortgage Bankers Association reported Wednesday. The year-over-year gains last week in applications for home purchases widened over previous weeks, too.