Just when the housing market was starting to fall into a seasonal pattern, mortgage demand takes off. Mortgage applications to purchase a home—a gauge of the housing market—rose 7% last week compared to the previous week, the Mortgage Bankers Association reported Wednesday. That marks the highest level since April of this year.
Housing inventories have increased slightly, which may be opening up more possibilities to home buyers who had felt shut out. Also, a new report shows that bidding wars are easing, which also may be an incentive for buyers to come back in the hopes they’re facing less competition.