Refinance

Low mortgage rates increased new orders, but fallout from the pandemic hurt investment income.

Mortgage fraud risk plummeted in the first quarter of 2020 amid historically low mortgage rates and a boom of refinances, but the coronavirus could create a new set of risks, according to CoreLogic.

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.

The coronavirus outbreak, along with the shift to a lower paying refinance business, will likely limit commission earnings for the rest of 2020.

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.

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

Nonbank mortgage employment estimates show payrolls in February leveled off after an unusually strong winter, but anecdotal reports of selective hiring persisted through March amid a broader coronavirus-related drop in U.S. jobs.

Community banks and credit unions could carve out an opportunity by refinancing mortgages from larger institutions.

Bank employment of mortgage loan officers rose slightly last year, but that was before the coronavirus spread and resulted in social distancing measures that raised questions about broader employment prospects.

Mortgage application activity increased from the prior week, driven by strong refinance volume after a 35-basis-point drop in conforming loan interest rates, according to the Mortgage Bankers Association.