If you need assistance, please call 702-476-0060

First-Time Home Buyers Lead Uptick in Mortgage Apps

Friday, August 13, 2021   /   by Ken Couture

First-Time Home Buyers Lead Uptick in Mortgage Apps

First-Time Home Buyers Lead Uptick in Mortgage Apps.png
Demand for mortgage homes reversed last week, after falling last month, the Mortgage Bankers Association said on Wednesday.

Mortgage applications to purchase a home increased 2% for the week and offered a signal that more first-time buyers may be emerging. Still, purchase applications are 18% lower than a year ago, the MBA said.

Higher prices and the scarcity of housing inventories have been blamed on slowing many segments of the housing market.

“The higher level of purchase activity last week was driven by more government purchase applications, including a 3.3% increase in FHA loans,” said Joel Kan, an MBA economist. “With low for-sale inventory keeping home price appreciation in many markets at record highs, the jump in FHA purchase applications is potentially a sign that more first-time buyers are finding purchase options despite the high prices.”

Mortgage rates rose slightly last week but remain near historical lows and didn’t prove to be a deterrent to home shoppers. The average contract interest rate for the 30-year fixed-rate mortgage with conforming loan balances rose to 2.99%, with points decreasing to 0.30, for loans with a 20% down payment, according to the MBA.

“Homeowners continue to respond to lower rates, with refinance activity climbing to the highest level since February 2021,” Kan said. Applications to refinance rose 3% last week but remain 8% lower than a year ago.

Follow us on:

FB: Ken Couture Realty Your Home Sold Guaranteed

IG: @kencouturerealtylv

Twitter: Ken Couture

Pinterest: Ken Couture

LinkedIn: Ken Couture Your Home Sold Guaranteed


Contact us at:



Your Home Sold Guaranteed Realty
Ken Couture
8367 W Flamingo Rd Suite 101
Las Vegas, NV 89147

UP5DB701E1507748.jpgThe data relating to real estate for sale on this web site comes in part from the INTERNET DATA EXCHANGE Program of the Greater Las Vegas Association of REALTORS® MLS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX logo. The information being provided is for the consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. GLVAR MLS deems information reliable but not guaranteed. Copyright 2023 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.
This site powered by CINC: www.cincpro.com