Wow! Dallas home loan applications hit a record high in the third quarter of 2020! While inventory is low, homebuyers are still ready to purchase a home. Thanks in part to record low interest rates! The real estate market is still making record setting moves locally, and abroad.
Over 88,000 home mortgages were applied for in North Texas in Q3. Which is not very shocking. Considering interest rates are at 2.6% for a 30 year fixed, and 2.2% for a 15 year fixed! That is almost 2% which we have not seen the likes of for many years. I haven't seen that low of an interest rate since I started my journey as a Top Producing Dallas Real Estate Agent over 6 years ago. We are fastly approaching uncharted territory. This huge spike is a whopping 54% from 2019. Yes, that is a 54% increase! That is texas sized!
These record setting numbers are just not breaking records in Texas, but nationwide as well. Across the nation more the 3.2 million Americans took out a home loan to either purchase a home or refinance a home. That is the highest level in 13 years!
This is huge news no matter how you look at it. We are still in the midst of a Global Pandemic. However, a vaccine is one the way which will help give hope to millions of Americans. This will hopefully help homeowners feel comfortable enough to put more inventory into the market which we desperately need. We all could use some much needed assurance that things will get back to normal. Yet, during the past 10 months of hardship, home buyers have been purchasing a lot of homes! Imagine that number if we weren't in a Pandemic. Would they be double? Owning a dream home might seem like a luxury, but it is more importantly a necessity. This report provided by Attom Data Solutions proves that! Call me for all your buying, and selling needs.
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