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Mortgage application volume decreased 8.4% compared with one week earlier as lenders managed activity by raising rates even as 10-year Treasury yields fell below 1%, according to the Mortgage Bankers Association.

Real estate agents have canceled professional meetings, seen clients show up in masks, and resorted to fist bumps and elbow nudges instead of their traditional social currency — firm handshakes and longish hugs.

The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about their ability to stay afloat.

With the economy and job market both healthy before the COVID-19 crisis, first-time homebuyers took advantage of low mortgage rates and hit their highest volume in two decades.

The Trump administration is considering a plan to allow homeowners whose income was cut by the coronavirus to delay mortgage payments. Still to be decided is a mechanism for borrowers to catch up.

Certified Petra Coach Chip Gallent has led multiple businesses across a wide variety of verticals during his 25-plus year career. He has held C-level roles at a publicly traded dot.com, a technology firm and a leading non-profit, and as an entrepreneur ran his own technology consulting/business strategy practice. A visionary change agent, Chip excels at making companies more competitive and people more effective through operational improvement enhanced with the right technology. Contact him at chip@petracoach.com.

Ramifications of a global pandemic are starting to ripple through the Southern California housing market as virtual home tours replace in-person showings and homeowners cancel open houses to avoid coming face-to-face with potentially infected home shoppers.

Mortgage real estate investment trusts are taking stock of their financial ability to respond to market shocks and other concerns stemming from the coronavirus.

Mortgage applications to purchase new homes took a small step back in February from record levels during the previous month, but further positive momentum could be blunted by the coronavirus.