Mortgage applications

Sales of new homes slid in March by the most since 2013 as the coronavirus started to wreak havoc on the country’s economy.

Mortgage applications decreased 0.3% from one week earlier, although purchase activity was higher for the first time in six weeks, according to the Mortgage Bankers Association.

Efforts to calm lenders’ fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it was during the financial crisis.

The nation's largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop by 10%.

The move is part of an effort by CFPB Director Kathy Kraninger to help smaller lenders by significantly raising loan thresholds for collecting and reporting mortgage data.

Mortgage application volume increased 7.3% over the prior week, as rates for the 30-year fixed loan reached the lowest level since the Mortgage Bankers Association started tracking this information.

Homebuilders in the Twin Cities kept the construction spigot open during March amid growing concerns about the COVID-19 pandemic.

Mortgage applications decreased 17.9% from one week earlier, as coronavirus-related volatility affected consumer sentiment, according to the Mortgage Bankers Association.