Mortgage rates are at a 50 year low at 2.98%. This is the lowest level since mortgage interest rates have been tracked. Home purchases remain strong despite the uncertainty with COVID 19 and high unemployment rates.
Mortgage applications are on the rise. Applications increased 5.1% from last week according to the Mortgage Bankers Association. With increased buyer purchasing power, there are fewer homes for sale. Bidding wars are common in this housing market.
Despite this increased Buyer purchasing power, housing inventory remains low. Bidding wars continue to reign supreme in major cities. Sellers continue to call the shots in this competitive housing market.