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Tags: 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 EDT

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 2022 Bloomberg News. All rights reserved.


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
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