Wednesday, November 25, 2020 12:12 am

How COVID-19 is infecting Valley housing market

By Angela Gonzales | Phoenix Business Journal

A few weeks ago, mortgage rates were at an all-time low, giving homebuyers a bit of silver lining during this COVID-19 pandemic.

But a stampede of homeowners trying to refinance their existing homes overwhelmed mortgage lenders, who didn’t have the personnel to keep up with the applications, said Jeff Tucker, a Zillow Group Inc. (Nasdaq: Z) economist.

“The mortgage market has been crazy for the last few weeks,” Tucker said. “There was a really big wave of demand running up against a fairly limited number of bankers available to fill out those refinance applications.”


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