Currently Reading

Mortgage Applications Fall Amid Coronavirus Fears

Advertisement

Mortgage Applications Fall Amid Coronavirus Fears


March 26, 2020
Mortgage application
By Freedomz

Weekly mortgage applications dropped 14.2 percent from last week. In the first year-over-year drop in three months, they were down 11.2 percent compared to last year. Considering the current coronavirus pandemic, potential homebuyers are understandably worried if this is the right time to make their next move. And with mortgage rates wildly shifting, it is hard for homeowners to get a pulse on what kind of rates they can lock in: One week, they’re near record lows, but by the next, they could be at 5 percent.

The U.S. housing market is showing signs of being infected by the coronavirus. With more Americans testing positive for COVID-19, the economy crashing, and increasing numbers of shuttered businesses and layoffs, fewer folks are seeking mortgages to purchase homes during this crisis.

The number of home buyers seeking mortgages dropped significantly in the week ending March 20, according to a weekly survey from the Mortgage Bankers Association. Weekly purchase applications fell 14.2% compared with the previous week—and was down 11.2% from the prior year, according to the nonseasonally adjusted numbers.

Read More

 

Related Stories

Design

Living Now: America at Home Study Concept Home

Designed and built based on extensive consumer research, Barnaby delivers the goods for single-family post-pandemic living

Coronavirus Resources and Information

Colorado Contractors Sue Denver Over Vaccine Mandate

The mandate effectively requires companies to fire hard-to-replace workers who aren't vaccinated. "If we lose any workers due to these vaccine mandates, there's nobody to replace them," says Tony Milo of the Colorado Contractors Association.

Coronavirus Resources and Information

Court Rules PPP Loans to Builders Can Be Forgiven

The judge agreed with NAHB’s position that the plain language of the statute creating the PPP prevented SBA from applying eligibility regulations that sought to exclude NAHB members.

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

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.