Weekly Mortgage Applications Show Real Recovery in Home Buying

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Weekly Mortgage Applications Show Real Recovery in Homebuying

Homebuyers appear to be heading slowly back into the market, as the coronavirus-stricken economy begins to reopen.

Total mortgage application volume rose 0.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The gain was driven entirely by buyers.

Mortgage applications to purchase a home rose for the third straight week, up 7% from a week earlier. Purchase volume was still 19% lower annually, but that annual loss is shrinking by the week. Just three weeks ago, purchase volume was down 35% annually. Demand last week was led by strong growth in Arizona, Texas and California.

Read it all here: https://www.cnbc.com/2020/05/06/weekly-mortgage-applications-show-real-recovery-in-homebuying.htmlhttp://

Courtesy CNBC, Diana Olick