Purchase applications retreat for the first time in weeks
In today’s Daily Download episode, HousingWire covers the Mortgage Bankers Association’s weekly applications survey.
For some background on the story, here’s a summary of the article:
Purchase applications fell 3% last week, according to a report from the Mortgage Bankers Association. This marks the first decline for purchase applications in 10 weeks following the highest level of purchase applications in over 11 years the week prior.
According to the report, mortgage applications decreased 8.7% from last week. Applications for refinancings dropped to their lowest level in three weeks after they fell 12% from the previous week. However, that is still 76% higher year-over-year, according to the report.
“Even with high unemployment and economic uncertainty, the purchase market is strong. Activity has climbed above year-ago levels for five straight weeks and was 18% higher than a year ago last week,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
The refinance share of mortgage activity fell to 61.3% of total applications from 63.2% the week prior. But, the MBA is anticipating refinance originations to increase to $1.35 trillion in 2020 – putting it at the highest level since 2012, according to the report.
Following the main story, HousingWire covers data from RealPage that indicates rent prices are dropping across the country and a survey from Qualia that claims remote online notarizations have surged 40% during the pandemic.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode: