Mortgage applications

Stuck day and night in their homes, a surprising number of Americans are deciding the pandemic is a great time to upgrade.

Mortgage rates fell this week to the lowest level ever recorded by Freddie Mac, even as it appears the relationship to the benchmark 10-year Treasury yield has stabilized.

Mortgage applications increased 2.7% from one week earlier, as purchase volume is now outpacing the prior year's activity, according to the Mortgage Bankers Association.

Mortgage rates declined this past week, further continuing to help attract previously reluctant buyers back into the purchase market, according to Freddie Mac.

Mortgage applications decreased 2.6% from one week earlier, as tighter underwriting drove the refinance index to its lowest level since March, according to the Mortgage Bankers Association.

Pent-up demand is already pushing buyers to a gradual return to the market, the report asserts.

While overall mortgage application volume remained flat, purchase activity continued to rebound — and that should be the case through the remainder of the spring, according to the Mortgage Bankers Association.

Purchase mortgage activity rose for the third consecutive week, although the total volume was flat compared with the previous seven-day period, according to the Mortgage Bankers Association.

Less competition in the marketplace meant customers were less apt to fudge the truth on a loan application.

Even though mortgage application volume decreased from one week earlier, lenders had their best week for purchase business since the coronavirus shutdown began, according to the Mortgage Bankers Association.