Buyer Interest in Purchase Loans Surges
By: Mary Miller, Zillow Director Product Management, Mortgages | July 1, 2009
Requests for purchase loan quotes were up 12% in June vs. May, and up 230% since the start of the year, signifying what could be good news in the number of people who are shopping for homes. Zillow Mortgage Marketplace saw more than 32,000 requests for purchase loans in June versus just under 10,000 in January.
Meanwhile, requests for refinance loans were down -36% in June vs. May, and down -28% from the start of the year. This is attributed to a rise in mortgage rates in recent weeks. Today’s average rate for a 30-year fixed loan is 5.35%, up from as low as 4.96% in May.
- Stumble it!
- Categories: Home Mortgage, Mortgages, Refinance
Comments
3 Comments so far
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Marc on July 5, 2009 3:51 pm
I think that the buyer’s interest is surging because of lower prices and good bargains…..these days buyer is putting a very low offers on houses and their offers are getting accepted because it is totally a buyers market. There is no sign of recovery at all. On top of it the government efforts are not helping. See this article which describes it:
Housing Crash News
Overall, I think the interest rates should come to 4.8 - 5% levels otherwise there is no housing recovery soon.
http://www.housingnewslive.com/is-the-housing-market-recovering.php
Loan Modification on July 9, 2009 2:44 am
lower prices on homes coupled with lower interest rates certainly encourage new purchases!
100% Mortgage on August 5, 2009 4:40 am
I guess people still need somewhere to live afterall whereas if you already have debt, you may be reluctant to delve deeper into it right now with the uncertainty around.