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Coronavirus Sinks Weekly Mortgage Applications

Mortgage News > Coronavirus Sinks Weekly Mortgage Applications
Date: 03/25/2020    Coronavirus Sinks Weekly Mortgage Applications

As the country hunkers down to slow the spread of the coronavirus, many Americans pushed paused on applying for a mortgage this week. Total mortgage application volume fell 29.4%, according to the Mortgage Bankers Association, with purchase loan requests tumbling 14.6% to their lowest level in seven months. Refinance requests dropped 33.8% this week as interest rates rose and borrowers faced financial uncertainty. Refinances made up 64.9% of all applications, down from their recent high of 76.5% when rates were at all-time lows.

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