Tags: Coronavirus | Financial Markets | loan | applications | buy | homes

Loan Applications to Buy Homes Drop to Lowest Since 2015

Loan Applications to Buy Homes Drop to Lowest Since 2015
(Dreamstime.com)
 

Wednesday, 08 April 2020 12:13 PM

A gauge of loan applications to purchase homes in the U.S. declined last week to the lowest since October 2015, a fourth straight decline that underscores the growing economic fallout from the coronavirus pandemic.

The Mortgage Bankers Association’s purchase index slumped 12.2% in the period ended April 3 after tumbling 25.7%, data from the Washington-based group showed Wednesday.

Over the past four weeks, the gauge has declined nearly 95 points, the sharpest monthly drop since mid-2010.

Government stay-at-home orders designed to limit the spread of Covid-19 are also inflicting economic damage across industries, including residential real estate. While the MBA’s data showed 30-year fixed mortgage rates are down nearly a percentage point from a year ago, interested homebuyers are unable to take advantage of lower borrowing costs.

The group’s measure of refinancing applications declined 19.4% last week -- though remained elevated -- while the broader index of all mortgage applications fell 17.9%.

© Copyright 2021 Bloomberg News. All rights reserved.


   
1Like our page
2Share
Personal-Finance
A gauge of loan applications to purchase homes in the U.S. declined last week to the lowest since October 2015, a fourth straight decline that underscores the growing economic fallout from the coronavirus pandemic.
loan, applications, buy, homes
152
2020-13-08
Wednesday, 08 April 2020 12:13 PM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved