Mortgage Apps are Moving Up!

As I discussed a few days ago, housing price appreciation is accelerating. I expect this trend to continue as inventory is low and demand is high. More evidence of demand? Mortgage purchase apps continue to growth.

Here’s a graph of the year-over-year change in the MBA Purhcase Application Index.

The Fed has done its job – lowered interest rates and goosed demand. We’ll see what happens to prices as the summer goes on.