Mortgage Applications Up 12% from Last Week

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, demand for mortgage purchase applications rose 12 percent last week from the week before. The increase is a sign that home buyers may be returning to the market, following a steep drop in demand due to the coronavirus.

Joel Kan, MBA’s associate vice president of economic and industry forecasting, says it could be the start of a turnaround. “The news in this week’s release is that purchase applications, increased 12 percent last week to the strongest level in almost a month,” Kan said. “The ten largest states had increases in purchase activity, which is potentially a sign of the start of an upturn in the pandemic-delayed spring home buying season, as coronavirus lockdown restrictions slowly ease in various markets.”

The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

– Michele Hunt, REALTOR®