Evidence is mounting that homebuyers may be coming back to the market, after demand plummeted in the past month due to the coronavirus.
Mortgage applications to buy a home rose last week, but refinance demand fell, causing total application volume to decline by 3.3% for the week, according to the Mortgage Bankers Association's seasonally adjusted index.
"The 10 largest states [by application volume] had increases in purchase activity, which is potentially a sign of the start of an upturn in the pandemic-delayed spring homebuying season, as coronavirus lockdown restrictions slowly ease in various markets," said Joel Kan, MBA's associate vice president of economic and industry forecasting.
Applications to refinance a home loan fell 7% for the week but were 218% higher than a year ago. Refinances are getting harder to do, as some lenders have stopped offering certain products, due to the new risk in the market from the mortgage bailout program, part of the CARES Act. This has caused rates for refinances to be higher than rates to buy a home.
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