Economy

Weekly mortgage applications point to remarkable bounce in homebuying

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A prospective homebuyer takes in the view at a beach front property in Newport Beach, California.

Jamie Rector | Bloomberg | Getty Images

If mortgage demand is an indicator, buyers are coming back to the housing market far faster than anticipated, despite coronavirus shutdowns and job losses.

Mortgage applications to purchase a home rose 6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase volume was just 1.5% lower than a year ago, a rather stunning recovery from just six weeks ago, when purchase volume was down 35% annually.

“Applications for home purchases continue to recover from April’s sizable drop and have now…



Source cnbc.com

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