Up, Up, and Away... To Homeownership! Mortgage Demand Defies Gravity!

Kryptonite Proof Confidence?

Greetings citizens of Earth! Your friendly neighborhood Superman here reporting on a phenomenon that's almost as surprising as Lex Luthor developing a decent plan: mortgage demand is UP! Yes you heard right. Even with enough economic uncertainty to make me nervous (and you know I've stared down Darkseid!) people are lining up to buy homes. Maybe they think a solid foundation can withstand anything – even global tariffs! Seems like even mere mortals are feeling a little super today.

Interest Rates? More Like 'Interest…ing' Rates!

Now the average contract interest rate for a 30 year fixed rate mortgage did creep up a tiny bit from 6.84% to 6.86%. It's like a villain slowly revealing their evil plan not quite a doomsday device but still… something to keep an eye on! These rates were also a bit higher than last year. But fear not aspiring homeowners! A little financial planning can be like having your own Fortress of Solitude—a place of strength and preparedness.

Purchase Power: Stronger Than a Locomotive!

The real story is the surge in mortgage applications for home purchases. They're up 2% for the week and a whopping 18% higher than last year! It’s like the Daily Planet hitting its deadline – a welcome surprise! According to some Earth economist named Michael Fratantoni more houses are available to buy now unlike the last two years. It's about time because before I was starting to think houses where rarer than Kryptonite in Metropolis!

Uncle Sam to the Rescue!

Even more interesting is the jump in government purchase applications almost 5% for the week and 40% higher than a year ago! That's like the Justice League swooping in to save the day but instead of super strength it’s low down payment options. These loans help first time buyers and those with lower incomes get their foot in the door. Remember everyone deserves a place to call home even if it's not a Fortress of Solitude.

Inventory: Sky High!

Speaking of more homes total active listings are about 14% higher than last year. New listings are up 5.5%. It’s like the city finally clearing the rubble after a Brainiac attack – progress at last! This means more choices for buyers and hopefully less competition to snag that dream home. It also means more homes for me to check on in case of alien invasions so thank you housing market!

Refinance Rollercoaster: A Minor Dip!

Refinancing took a slight dip down 0.4% for the week but is still 44% higher than last year. The refinance share of mortgage activity also decreased a little bit. Well I guess not everybody can win all the time because its not every day you can beat Superman. But its good to know that some people are saving up money with their homes