Mortgage rates

New-home sales rose more than expected in May, with record-low mortgage rates pulling buyers back into a housing market that froze up during the pandemic.

The roller-coaster effect of national spending, Oregon's unemployment rate and conflicting economic forecasts are reflected in Portland's residential real estate market.

Sales of previously owned homes dropped in May by more than forecast to the lowest level since October 2010 as the coronavirus pandemic sent demand skidding along with the rest of the economy.

Potential sales last month rose compared with April as homes became more affordable due to low mortgage rates.

Mortgage rates fell 8 basis points this week to a new low as the economy remains shaky and there are new flare ups of the coronavirus, according to Freddie Mac.

Home construction starts rose less than forecast in May, suggesting builders were slow to resume work even as states across the country began to reopen.

Purchase mortgage application volume was at its most in over a decade as consumer confidence continued to improve in the aftermath of the coronavirus shutdown, according to the Mortgage Bankers Association.

The report by Unison also advised investors to focus on "diversified residential real estate" over traditional retail and office spaces.

Credit unions have seen historic mortgage growth so far this year despite the pandemic, but there are concerns some institutions may be overly relying on refinancing and not focusing enough on generating new purchase business.

Unemployment is high. Credit is tight. And scientists are warning that a dangerous second wave of the coronavirus is coming. But somehow, U.S. mortgage companies are having one of their best years in history.