flexiblefullpage - default
Currently Reading

Mortgage Activity Shows Signs of Homebuyers Returning to Market

Advertisement
billboard - default

Mortgage Activity Shows Signs of Homebuyers Returning to Market


May 6, 2020
home blooming flowers
By alexaphotoua

When the pandemic first began in the U.S., it was overwhelming. Homebuyers pulled back from the housing market as the country assessed and reassessed the path forward. But now, there are signs that people are ready to begin purchasing homes again, according to CNBC. Thanks to low interest rates and digital tools, last week’s total mortgage application volume rose 0.1 percent compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Buyers completely drove this uptick in volume as refinancing has actually cooled. Though purchase volume is still 19 percent lower annually, this marks the third straight week of gains in mortgage applications to purchase. 

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 More
 

Advertisement
leaderboard2 - default

Related Stories

Affordability

Cost of Housing Index Shows Most Americans Are Burdened by Home Prices

For both new and existing homes, the average household would need to use more than 30% of its earnings to cover mortgage payments

Financing

Why Down Payments Are Now Nearly 14% Higher Than in 2020

The average down payment in Q1 2024 is high, but it’s still lower than the peak seen in Q4 2023

Economics

Mortgage Rate Declines Could Boost Home Sales Following Months of Low Activity

Encouraging economic news bumped mortgage applications up by 2.6% for the week ending May 3

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category

Home builders can maximize efficiencies gained through simplification and standardization by automating both on-site and back-office operations 

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.