By Kathleen Howley | HousingWire
Applications for mortgages to purchase homes gained for the sixth consecutive week to a level that was 6.7% higher than a year ago, back when a deadly pandemic wasn’t interrupting the spring home-buying season.
A seasonally adjusted index measuring purchase applications jumped 9% last week, according to a report from the Mortgage Bankers Association. Applications for refinancings fell 0.2% from the prior week, though the level was 176% higher than a year ago, MBA said.
Last week’s so-called purchase apps were up 54% from early April when most U.S. states were under lockdown orders to keep people at home in an effort to stem the spread of COVID-19, said Joel Kan, MBA’s associate vice president of economic and industry forecasting.