Refinance

Purchase mortgage application volume continued its upswing as consumers acted on record low rates, but high unemployment and low inventory could hold home buying activity back in the future, the Mortgage Bankers Association said.

Mortgage investors have yet to enjoy robust returns this year despite the Federal Reserve providing $688 billion of support to the sector since mid-March.

The Federal Reserve's actions should keep interest rates down and bring home sales back in June, according to NerdWallet.

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.

With mortgage rates reaching all-time lows in the opening quarter, refinance originations were up in 97% of housing markets during 1Q, according to Attom Data Solutions.

The funds will allow the company to make further investment in its machine language technology.

The MBA also said it has been lobbying for a measure that would enable cash-out refinances in forbearance to be sold to the GSEs.

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.

The Mortgage Bankers Association's forecast anticipates tremendous coronavirus stimulus-related debt coming on to the market.

Other safety measures taken to protect settlement agents and consumers include drive-up closings and overnight mail.