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Homebuyers Return Faster than Expected

Mortgage News > Homebuyers Return Faster than Expected
Date: 05/13/2020    Homebuyers Return Faster than Expected

Home purchase applications rose for the fourth consecutive week, climbing 11% this week, according to the Mortgage Bankers Association. Although still 10% lower than a year ago, the application increase is a faster comeback than analysts expected given the continued coronavirus shutdowns in many parts of the country. Applications jumped 14% in New York, which has seen the worst of the virus. However, refinance requests fell 3%, marking four straight weeks of declines even as mortgage interest rates are near record lows. 

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