Buyer Interest in Purchase Loans by State

Last week we reported that buyer interest for purchase loans was surging. Our analysis showed requests for purchase loan quotes on Zillow Mortgage Marketplace increased 12% in June vs. May, and 230% since the start of the year, signifying what could be good news in the number of people who are shopping for homes.  Meanwhile, requests for refinance loans were down -36% in June vs. May and -28% from the start of the year, due to a rise in mortgage rates.

Since then, we’ve been asked how this varies by state, so here’s the data for the top 30 states with the most requests.

Since January, purchase loan requests have increased significantly in each of these states, so it appears that buyers have potentially become more active across the country, not just in some pocket areas.  Massachusetts (+472%), Indiana (+455%), and New Jersey (+382%) have experienced the greatest increase in demand for purchase loan requests so far this year.

However, looking at a more recent time period shows that buyers in a few states may be taking a summer break.  Utah (-31%), Illinois (-9%), and South Carolina (-6%), Michigan (-4%) and Washington (-2%) all experienced decreased demand for purchase loan requests in June vs. May.