Weekly Mortgage Applications Show Real Recovery in Home Buying
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.
Courtesy CNBC, Diana Olick