Mortgage Demand Remains Strong in 2020

November 11, 2020

Despite a pandemic ridden country, the purchase market has persevered. Mortgage demand has rose significantly in comparison to previous years.

Across the board, the housing market has increased in comparison to the prior year.  August generally “…marks the beginning of the slow season for housing”. But a pandemic ridden country has skewed those statistics for 2020. In comparison to 2019, mortgage demand rose 40% from august to august. Likewise, home loan refinancing has increased by 60% from the previous year. The housing market's resiliency during this unprecedented time is credited to low fixed rates for mortgages. Though the buyer pool may be shrinking with the closing of the year, it is clear that overall demand remains strong in comparison to years past.